Cable & Wireless to cut jobs

Cable & Wireless to cut jobs

Cable & Wireless Plc is the second largest telecom company in the United Kingdom. However, the company is apparently struggling in this market as they are expected to announce massive job cuts in the coming days.

Cable & Wireless has plans to cut as many as 3,000 jobs in the U.K. over the next five years. This would mean that the company would be cutting almost half of their entire workforce in the region amidst increasing competition.

They are also now planning to concentrate on serving their 3,000 of its larger, more profitable customers such as Lloyds TSB Group Plc and Volkswagen Group U.K. This would mean that the Cable & Wireless would be cutting its client list from about 30,000 as they confirmed in a press statement.

The problems were apparent when the company’s Chief Executive Officer Francesco Caio resigned last month. Cable & Wireless has said that they are not currently looking for a potential replacement.