British telecom Virgin Media O2 says it will eliminate around 2,000 jobs by the end of the year as part of a broader strategy to reign in costs.
The move comes after Virgin Media O2 held discussions with labor unions last month, during which it warned union leaders that the company could eliminate between 800 and 2,000 jobs by the end of the year.
At the time, Virgin Media O2 decided on the lower end of that scale, with 800 positions earmarked for elimination. Now, Virgin Media O2 says it will write down the maximum number of jobs. The 2,000 figure cited on Tuesday includes the original 800 jobs cuts announced in June.
“As we continue to integrate and transform as a company, we are currently consulting on proposals to simplify our operating model to better deliver for customers, which will see a reduction in some roles this year,” a spokesperson for Virgin Media O2 said in a statement.
Virgin Media O2 has been under pressure by investors to reign in costs as the company increases its borrowing. In June, the company reported earning £2.6 billion (about $3.4 billion) in revenue during the first three months of the year. Virgin Media has around 5.8 million broadband and cable TV customers, while O2 has approximately 16 million subscribers.
