Anxious wait for Sheffield workers as Virgin Media O2 announces thousands of job cuts
“Virgin Media O2 must evolve, and the action needed to make that happen starts now”
Thousands of Virgin Media O2 staff are facing redundancy as the telecoms firm - which has an office in Attercliffe - aims to make £800m savings.
The company said about £300m of the savings, to be made by 2029, would be from job losses among its 16,000 workers.
The reduction would equate to ‘30 per cent of total people costs’ - the majority in non-customer facing roles.
The firm has a contact centre on Chippingham Street, Attercliffe. A VMO2 spokesperson said it was too early to say where jobs would go.
The cuts come amid what the company says is a tough economic climate, an intensely competitive and shrinking broadband market and the ‘rapid adoption of AI’, particularly in customer service.
Lutz Schüler, CEO of Virgin Media O2, said: “This is not something I take lightly but my commitment to our people is that for those leaving we will treat them fairly and with respect, and for those staying we will work differently, but as one team, to get back to winning again.
“Virgin Media O2 must evolve, and the action needed to make that happen starts now.”
The company would continue to invest in its mobile network but would halt investment in fibre upgrades beyond its existing commitments to partners, he added.
As of 30 June, Virgin Media O2's total liabilities were £27.2bn, while it holds assets worth £45.9bn.