Economy, Sci & Tech

Deutsche Telekom to Cut Jobs

Deutsche Telekom to Cut JobsDeutsche Telekom to Cut Jobs

Deutsche Telekom is considering options, including thousands of job cuts at its German business, a review of its holdings in Eastern Europe and Greece, and a partial sale of its subsidiary T-Systems.

The German daily Handelsblatt on September 6 also cited unnamed people who attended a meeting last week, at which management and supervisory board members discussed group strategy and cost reduction.

It said no formal decisions have been made yet.

Deutsche Telekom had no immediate comment on the Handelsblatt report.

The paper quoted a spokesman as saying no new cuts were planned.

Deutsche Telekom faces competition from Vodafone in its German home market, where mobile service revenues slipped and investments rose in the second quarter.

The group has 225,000 employees worldwide, around 69,000 of whom are at its Germany business. IT business T-Systems has around 46,000 employees in more than 20 countries and annual revenues of around €8.2 billion ($9.1 billion).