Virgin Media O2 set to cut thousands of jobs to reduce costs

Virgin Media O2 is preparing to cut thousands of jobs as it seeks to reduce costs amid heavy debt and stronger competition in the broadband market. The company has not settled on a final number, but the cuts could affect a sizeable share of its 16,000 employees.

Most affected staff are expected to work in non-customer-facing roles, with senior leadership changes already under way. The firm’s accounts to 30 June show liabilities of £27.2bn and assets of £45.9bn; it is also reviewing contractors and suppliers. Prospect said the plans were unsettling and that it would support staff while seeking ways to reduce redundancies, including retraining and redeployment.