7/3/2019, 7:27 AM (Source: TeleTrader)
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Deutsche Telekom to trim around 1,200 jobs - reports

Deutsche Telekom AG will cut a significant number of jobs and close several dozen stores as part of its restructuring, Handelsblatt reported on Wednesday citing sources familiar with the matter.

The newspaper said that the German telecom operator is looking to axe about 1,200 of 4,500 positions and close around 40 of its 500 stores as customers increasingly turn to digital services. The sources added that the company wants to thrash out the final details and schedule in talks with the works council and that the negotiations should start in the near future. The company did not comment on the matter but did note that "customer frequency in retail" was declining while its online business was starting to pick up.

Deutsche Telekom reported in May that its revenue for the first quarter of this year was almost 9% higher than in the same quarter a year ago and that its earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped by 22.6%. However, its net profit dropped by 9.3% while its net debt rose by 42.5%.

Baha Breaking News (BBN) / DZ