(MENAFN) Telstra is cutting 8000 jobs over the next three years as it tries to save USD1 billion while dealing the cost of investing in new technology and increased competition from its rivals.
The move is part raft of structural changes unveiled at the telco that have sent Telstra shares down more than seven percent in early trade on the ASX, with the stock touching USD2.70 at 1024 AEST, reaching its lowest level since 2011.
The CEO has briefed staff about the job cuts on Wednesday ahead of a planned investor briefing about a major restructure that will focus on simplifying product range in an attempt to attract more customers.
He said: "We have to do this because I think as an industry we're at a tipping point, I think the current nature of telecommunications products and services is unsustainable and it has to change and we at Telstra are going to lead that change."
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