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03/11/2000

NTL TO CUT 1300 JOBS OVER 15 MONTHS

NTL have announced that 1300 jobs will be lost over the next 15 months following a consolidation review carried out over the past 18 months.
It is expected that backroom and support functions as well as areas such as human resources and finance will be hardest hit by the job cuts. NTL have said there were consulting with employees regarding the job losses.
Barclay Knapp, President and Chief Executive Officer of NTL said: “Over the past 18 months, we have completed 11 acquisitions, culminating in the CWC ConsumerCo deal which doubled the size of our consumer business. The time was therefore right for us to carry out review all of cost benefits of that consolidation.”
In a statement NTL said: As a result of the review, NTL have identified significant cost savings, which will become material during the later half of 2001. As part of realising the cost savings, around 1300 roles will become redundant over the next 15 months.”
Leigh Wood, Chief Operating Officer of NTL, said: “Over the past few months we have examined rigorously every part of our business and I am pleased that the benefits we have identified will impact both financial and our operating performance. Naturally I am saddened that this means some roles will become redundant but, in today’s business environment reinventing the way we work has become a way of life.”
The review followed the acquisition of CWC ConsumerCo and the integration of several other acquisitions. The aim was to identify ways of improving efficiency by eliminating duplication of technologies and processes, consolidating support functions and delayering management levels.
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