Global marketsUpdated November 3

Virgin Media O2 plans thousands of job cuts in an £800m savings drive

Virgin Media O2 says it is targeting £800m in savings to help tackle its £22bn debt. The Guardian reports that up to 25% of its 16,000-person workforce could go. The company says job cuts will account for £300m of the savings and reduce its wage bill by 30% over the next two years. Separately, the Financial Times reports a plan to cut staff costs by 30% by 2029.

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Coverage started November 3