Deutsche Telekom's T-Systems to cut 10,000 jobs: CEO

|About: Deutsche Telekom AG ADR (DTEGY)|By:, SA News Editor

T-Systems, the lossmaking IT services arm of Germany's Deutsche Telekom (OTCQX:DTEGY), plans to cut 10,000 jobs in a three-year drive to return to profitability, CEO Adel Al-Saleh told staff on Thursday.

"The reduction program will be expensive because we want to make it as socially bearable as possible - but this investment will pay off".

T-Systems is still locked in pay talks with staff demanding a 5.5 percent pay rise for 11,000 staff covered by their collective bargaining deal.

Source: Investing.com

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