Australian Telco Giant Telstra to Cut up to 2,800 Jobs

Tue May 21 2024
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SYDNEY, Australia: Leading Australian telecommunications company Telstra said on Tuesday it would cut up to 2,800 jobs and cut nine percent of its workforce as it keeps pace with “rapid advances in technology”.

CEO Vicki Brady said the job cuts would save the company about $230 million and be better prepared to deal with “ongoing inflationary and cost pressures.”

Telecom firms around the world are facing seismic industry changes and grappling with the rise of artificial intelligence as traditional offerings such as landlines become obsolete.

Australian Telco Giant Telstra to Cut up to 2800 Jobs 2

Our industry and the world we operate in is changing rapidly, Brady told reporters.

“We have new and different competitors. We have rapid advances in technology. Our customers’ needs are constantly evolving.”

Earlier this year Telstra, which employs around 30,000 staff, announced plans to expand its use of AI tools in customer service.

Telstra trades on the Australian Stock Exchange and has a market capitalization of US$27 billion (Aus$41 billion).

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