The Swedish-Finnish telecom operator TeliaSonera is to cut just under 3,000 jobs in a bid it said to improve efficiency and reach a 5 billion Swedish crown savings target.
Two-thirds of the 2,900 jobs to go will be in Sweden with the remainder in Finland. The company, the biggest of its kind in the Nordic region, currently employees around 28,500 people.
The savings plan worth around 775 million US dollars is to be completed by early 2009. The savings were deemed necessary as the group shifts the focus of its product mix from fixed telephony to IP-based and mobile services, it said.
The announcement sent TeliaSonera’s share price plunging on the Stock Exchange on Friday morning.
Source: By Sveriges Radio 2008
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