🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Italy's Wind Tre sees potential 1,500 job losses over three years: union

Published 01/24/2020, 12:22 PM
Updated 01/24/2020, 12:26 PM
© Reuters.  Italy's Wind Tre sees potential 1,500 job losses over three years: union
0001
-

MILAN (Reuters) - Italian phone carrier Wind Tre could cut its workforce by more than 20% over three years, threatening as many as 1,500 jobs, a union official said on Friday, as price competition in a crowded market combine with lower margins for telecom operators.

Owned by CK Hutchison (HK:0001), the ports-to-telecoms arm of retired billionaire Li Ka-shing's businesses, Wind Tre is Italy's third-largest mobile operator, with a market share of 28.1%, according to data from Italian communication watchdog AGCOM.

In a meeting with trade unions on Thursday, Wind Tre executives had told trade union representatives the company sees potentially 1,500 redundancies out of a workforce of around 7,000, Riccardo Saccone of SLC-CGIL union told Reuters.

Wind Tre agreed to start negotiations with trade unions in a bid to manage the staff cuts with financial incentives, re-skilling programs and in-sourcing part of its operations, Saccone said.

A spokesman for Wind Tre said the company wishes to manage the process in agreement with trade unions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.