Saudi State Oil Company Reports Jump in Profits Despite Attacks; Australian Central Bank Lifts Rates – Business Live
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7m ago
Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings
47m ago
Introduction: Saudi state oil company reports jump in profits despite attacks; Australian central bank lifts rates
Saudi Arabian oil company Aramco's logo during the CERAWeek energy conference 2026 in Houston, Texas in March.
Photograph: Danielle Villasana/Reuters
By Julia Kollewe
Updated 6m ago
First published on Tue 3 Nov 2026 08.48 CET
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Key events
7m ago
Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings
Mark Sweney
Virgin Media O2 is to cut thousands of jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile.
VMO2, which is jointly owned by the British-Dutch-American telecoms company Liberty Global and Spain’s Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years.
The company did not specify how many jobs this will equate to, but it could be as many as 25% of its 16,000 workforce.
The company, which said that most of the job losses will come from non-customer facing roles, said it intends to increase the use of AI tools in areas including customer service, network planning and fault management.
Lutz Schüler, VMO2 chief executive, said:
“While we will give a fuller update on the new strategic plan in the coming months, we are already progressing and making difficult decisions to prioritise investments and reduce costs which includes the size of our workforce.”