Seems no one is able to avoid the economic downturn as Vodafone UK are to dispose of up to 500 employees. Vittorio Calao, Vodafone CEO warned us back in November that Vodafone was planning to cutback on annual operating costs by £1 billion by March 2011.
Apparently the cuts will be made in IT and back office functions along with a reduction in spending on logistics and advertising.
Vodafone has stated underlying revenue in Europe is down 2.8 percent while revenues from Vodafone Spanish business was falling a further five percent.
Source – Telegraph
