Vodafone to cut 11,000 jobs, sees big drop in cash flow

Vodafone’s new boss Margherita Della Valle said she would cut 11,000 jobs over three years to simplify the telecoms group, which she said “must change”, as it forecast a 1.5 billion euro decline in free cash flow this year.

“Our performance has not been good enough,” said Della Valle, who was appointed permanently last month.

“My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness.”

The job cuts are the biggest in the history of the group, which employs around 100,000 people.