Vodafone boss Margherita Della Vall to cut 11000 jobs over three years

New Vodafone boss Margherita Della Valle said she would cut 11,000 jobs over three years to help the telecom group regain its competitive edge after it warned that a poor performance in its biggest market Germany would hit cash flow.

Shares in Vodafone, which have underperformed rivals in many of its major European markets, fell to their lowest level since early January and were trading down 4 per cent by mid-morning.

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa.