Telecom New Zealand (NZTCY.OB) is cutting 930-1230 jobs, or 12%-16% of its workforce, in a...

|By:, SA News Editor

Telecom New Zealand (NZTCY.OB) is cutting 930-1230 jobs, or 12%-16% of its workforce, in a massive restructuring. The struggling telco expects to reap annual cost savings of NZ$110M ($92M), and record an NZ$70M-$80M ($59M-$67M) charge. The company's 2013 operating earnings guidance of NZ$1.04B-$1.06B (exc. restructuring costs) remains unchanged for now.