Virgin Media O2 to cut thousands of jobs in £800 million cost-saving drive

British telecommunications company Virgin Media O2 has announced plans to cut thousands of jobs as part of an £800 million cost-saving programme by 2029, citing rising competition, high debt and changing market conditions. The company employs around 15,000 to 16,000 people. The restructuring is likely to reduce its employee wage bill by 30%. The majority of the job cuts will affect non-customer-facing roles, while the company is also reviewing its use of contractors and suppliers.