Sweden's Tele2 plans to cut more than 600 jobs in 2025
OSLO, Jan 29 (Reuters) - Swedish telecoms group Tele2 (TEL2b.ST), opens new tab plans to cut more than 600 jobs in 2025 as it seeks to reduce costs and boost profitability, the company said as it reported a rise in fourth-quarter earnings on Wednesday.
"Tele2 has initiated a transformation that aims to improve profitability through stricter prioritisation, reinforced cost consciousness and a simplified organisation," the company said in its earnings report for the October-December period.
The planned cuts include a workforce reduction of "around 15%", subject to labour union negotiations, the company added. Tele2 had 4,438 employees at the end of 2023, the most recent overview on its web site showed.
"This will be a challenging time for all our colleagues, especially those directly affected by the reorganisation," Tele2 CEO Jean Marc Harion said.
"These changes are however necessary to make Tele2 a faster and more agile company, better equipped to swiftly capture market opportunities," he said.
Tele2's net profit rose in the fourth quarter to 1.0 billion crowns ($91.10 million) from 0.9 billion crowns a year prior.
($1 = 10.9770 Swedish crowns)
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