Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Exclusive: Telecom Italia plans to cut up to 1,300 jobs in Italy this year - sources

Published 03/08/2021, 09:53 AM
Updated 03/08/2021, 09:55 AM
© Reuters. FILE PHOTO: Telecom Italia's logo is displayed in Milan

© Reuters. FILE PHOTO: Telecom Italia's logo is displayed in Milan

MILAN (Reuters) - Telecom Italia (MI:TLIT) (TIM) plans to cut up to 1,300 jobs in Italy this year, two union sources said on Monday, as the country's biggest phone group revamps its business amid the COVID-19 crisis.

The potential cuts would amount to around 3% of TIM's 42,600 employees in Italy and will be implemented through an early retirement scheme. The company is also considering hiring new personnel to boost a digital drive, the sources said.

TIM's managers have informed union representatives of the plan and have said the redundancies will be on a voluntary basis.

TIM was not immediately available for comment.

The company has already reduced its workforce, with more than 2,500 people leaving the group in 2020.

The former phone monopoly, whose revenues in its key domestic market fell 7.7% last year, is looking to expand its services operations, developing a newly created cloud unit and boosting its cybersecurity, video streaming and Internet of Things (IoT) business.

Under a three year plan unveiled last month, Chief Executive Luigi Gubitosi said the group aims to more than double revenues coming from these so-called 'adjacent markets', worth nearly 700 million euro ($831.11 million) last year.

© Reuters. FILE PHOTO: Telecom Italia's logo is displayed in Milan

($1 = 0.8422 euros)

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.