Virgin Media O2 to axe thousands of jobs in sweeping shake-up

Virgin Media O2 (VMO2) is set to axe thousands of jobs as part of a sweeping shake-up to slash its cost base. This cost-cutting plan follows investor concerns regarding the telecoms giant's ability to service its £22bn debt mountain. Consequently, thousands of employees could be made redundant in the coming months as the company scales back its operations to tackle these huge debts and stabilise its financial position through significant workforce reductions across the organisation.