London, UK: Mobile operator giant Vodafone has announced plans to reduce its global workforce by 11,000 jobs within the next three years.

Amidst a significant decline in its share price, telecommunications company Vodafone has stated the necessity of cost-cutting measures and business restructuring to enhance competitiveness against rivals and enhance the overall experience for its extensive customer base, numbering in the tens of millions.

Under the leadership of newly appointed group chief executive Ms. Margherita Della Valle, Vodafone has announced substantial job cuts, accounting for approximately 12 percent of its global workforce of 90,000. This strategic decision represents Ms. Della Valle’s first major initiative since assuming the role.

Vodafone, currently serving approximately 18 million mobile customers and over 1 million broadband customers in the UK, is in the final stages of finalizing a merger with Three. The aim of this merger is to establish the largest mobile company in the UK, enabling it to effectively compete with other industry rivals.

In November 2023, Vodafone revised its annual profit forecast downward and unveiled a cost-cutting strategy exceeding $1.1 billion. The plan, which incorporates job reductions, was initiated in response to escalating energy expenses and inflationary pressures faced by the company.

After experiencing a 40 percent decline in market value under the four-year leadership of long-time Vodafone former CEO Mr. Nick Read, the company made the decision to remove him from the position of chief executive. This development occurred a month later and was prompted by the need to address the significant drop in market value.

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