The company has cut 455 jobs this year already Swedish telco Telia is set to cut 15% of its workforce, around 3,000 jobs, in an effort to cut annual costs by $253 million. The company currently employs around 18,000 people across five markets. The move, according to Telia, is part of its strategy to streamline decision-making processes, improve commercial execution, and better align its operations with local market needs. “This is a tough decision, but one that is necessary to ensure the long-term success of Telia,” CEO Patrik Hofbauer in the announcement. “We need to be much more simpler in the way we operate, faster on decision making, and also when it comes to commercial execution, and we need to create more margin,” he added in an interview with Reuters. “We are changing the operating model … we are putting much more responsibility and accountability into the countries, because there we meet our customers.” The job cuts will take place across all five of the company’s operating markets, with the lion’s share (around 1,400 jobs) being cut from the company’s home market of Sweden. The layoffs are expected to be completed by early December. The restructuring will cost Telia around SEK 1.4 billion ($135 million) in the second half of this year, but this will not affect its overall annual financial goals, according to the company. The cuts are subject to union negotiations, with further details to be disclosed following the completion of these discussions. Telia had approximately 19,370 employees and external consultants as of December 31, 2023, and has already reduced its workforce by 455 positions this year. Telia to slash 3,000 jobs in cost cutting drive | Total Telecom
