Telstra announces it will be cutting almost a quarter of its workforce

Telecommunications giant Telstra has announced it will be cutting almost a quarter of its workforce in a massive company overhaul, with an aim to “eliminate customer pain points”.

CEO Andy Penn made the announcement this morning.

The telecommunications giant says it will cut 8000 employees and contractors — including one in four executive and middle management roles — to “flatten the structure”.

Its  cuts come less than a month after Telstra warned that its 2017/18 earnings will likely be at the bottom of its guidance range of $AUD10.1 billion to $AUD10.6 billion, blaming increasing competition in mobile and fixed broadband and rising costs from Australia's National Broadband Network.

[Source: news.com.au]