Thousands of jobs to go under Telecom Italia break-up plan

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Reuters UK

By Elvira Pollina ROME (Reuters) – Telecom Italia (TIM) is ready to part ways with its fixed network assets under an overhaul plan that includes at least 9,000 jobs cuts by 2030 as part of efforts to reduce its hefty debt, the company said on Thursday. TIM, heir to the former national phone monopoly, is saddled with 23 billion euros ($24 billion) of net debt while contending with shrinking revenue in its fiercely competitive home market. Under a strategic plan unveiled by new CEO Pietro Labriola on Thursday, TIM said it would spin off its domestic fixed access network and submarine cable unit …

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