NTL axes 2000 jobs

'Prudent in the current climate'

By Tim Richardson • Get more from this author

Posted in Business, 10th December 2001 11:45 GMT

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Debt-laden NTL is to axe a further 2000 jobs in the UK as part of major cost-cutting drive at the cableco.

The redundancies are expected to be finalised by the Spring and form part of a series of measures announced today that are designed to rein in costs.

As well as an extensive redundancy programme - some of which will be compulsory - all non-essential consultants and contractors will have their contracts terminated.

The company will also carry out a review of all operating and capital expenses, which includes a pay-freeze for managers.

In a statement, Barclay Knapp, CEO of NTL, said: "The initiatives being announced today are a continuation of our cost cutting programme.

"They are prudent in the current climate and will allow us to operate more efficiently."

At the beginning of the year, NTL employed almost 22,000. At the time it said it wanted to cut headcount to 17,000 by the end of 2001, and reduce it still further to 15,000 by the end of 2002.

However, with NTL facing a #163;12 billion debt mountain it has been forced to accelerate and deepen it redundancy programme in a bid to help turn things around.

The company insisted that employees in customer-facing jobs would not be targeted by the job cuts. ®

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