Job cuts could form part of OTE’s EUR300m saving programme

3 Mar 2011

Dow Jones Newswires reports that Greek incumbent telco OTE aims to cut operating costs by EUR300 million (USD414 million) in an efficiency programme which could involve redundancies. Greek daily Imerisia quoted unnamed company sources saying that OTE’s management is eyeing cuts in ‘all areas’, including possible layoffs in Greece and abroad, although no timeframe was disclosed. The report closely follows OTE’s announcement of a EUR32 million savings target this year via measures such as lowering management salaries, and the dismissal of 120 employees at its Cosmote mobile operations. The report added that OTE is considering further layoffs at its Germanos retail network and its Romanian subsidiary RomTelecom.