Too many chiefs? Bell tolls for 2,500 managers

29 Jul 2008

BCE, the parent company of telcos Bell Canada and Bell Aliant, has revealed plans to make 2,500 managers redundant in order to reduce operating costs, as part of a wider programme to cut its workforce by 6%, including 30% of management staff. The move will save the firm an estimated USD300 million a year. BCE is undergoing a private equity buyout by a consortium led by the Ontario Teachers’ Pension Plan Board worth around USD52 billion and due to be completed in December. The deal has been criticised for massively increasing the company’s debt levels.