UK jobs to go as WorldCom aims for profits
Bankrupt telecom giant WorldCom is to slash 2,000 jobs across Europe, the Middle East and Africa in a move, it claims, will ensure operations outside the US are profitable in 2003.
Link: WorldCom special report
The company would not provide details of the where the jobs cuts would occur, but it has been widely reported that 750 jobs will go at WorldCom’s UK operations, based in Reading.
WorldCom filed for Chapter 11 bankruptcy protection in the US after it admitted to a $3.9bn accounting fraud, but yesterday it said it expected Europe, Middle East and Africa (EMEA) operations to be fully funded and cash flow positive next year.
The job cuts are part of a larger restructuring plan for these regions.
The company said it would act to consolidates its European network and offer streamlined voice, data and internet services.
WorldCom CEO John Sidgmore said: ‘We plan to leverage this solid foundation to ensure our long-term viability in this critical business region of the world.’