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KPN to scrap 4,800 jobs

Mounting debts become harder to tackle...
Written by Sonya Rabbitte, Contributor

Mounting debts become harder to tackle...

Dutch Telco KPN is to axe another 4,800 jobs in a bid to reduce costs even further. Last year the company announced that it was to cut up to 6,000 staff and 2,000 contractors. KPN said earlier that it had axed that quota of contractors in June. The cuts are intended to save the company E700m (£400,000,000) a year from 2003. The company, which currently employs around 45,000 people, ousted its CEO Paul Smits in September, after he failed to tackle spiralling debts. KPN's debt stands at about E23bn (£14bn), much of that stemming from last year's purchase of 3G licenses.
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