WorldCom axes 2,000 jobs in Europe
UK to take brunt?
WorldCom is to axe 2,000 jobs in Europe, wiping out a quarter of its workforce in the region.
The scandal-hit carrier hasn't said exactly where the jobs cuts will be made. But with 2,000 at staff at its European HQ in Reading plus a further 1,000 in the rest of the country, it looks like the UK will bear the brunt of job losses.
Once the job losses are completed - likely to be within the next couple of months - around 6,000 people will be employed in WorldCom's Europe, Middle East and Africa (EMEA) region.
The swingeing job cuts are part of a restructuring and refocusing of the business and "reflect current market conditions and the size and needs of the existing WorldCom EMEA network". The company will also freeze further investment in its infrastructure.
In a statement, the company said that its EMEA operation would continue to be fully-funded and is expected to be cashflow positive in 2003.
Last week WorldCom Inc CEO John Sidgmore announced that he intends to leave the post shortly. ®