Latest update: 03/12/2008 

- Italy - telecommunication


Telecom Italia will cut 4,000 jobs
Telecom Italia will cut 4,000 jobs
Telecom Italia, saddled with 35 billion euros in debt, announces it will cut 4,000 more jobs from 2009 to 2011 as part of a restructuration plan.

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AFP - Italian telecommunications group Telecom Italia said Wednesday it would cut a further 4,000 jobs in Italy from 2009 to 2011 as part of a restructuring plan.

Telecom Italia, saddled with a 35-billion-euro (44-billion-dollar) debt, launched a savings scheme last June that called for the elimination of 5,000 jobs in Italy.

The June initiative aims at savings of two billion euros by 2011 and a sharp contraction in the debt.

The group has also announced its intention to sell off non-strategic operations in deals that could be worth up to 3.0 billion euros.

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