Virgin Media Cutting 2,200 Jobs To Save £120 Million; Not Caused By Economy

Virgin Media (NSDQ: VMED) is to cut about 2,200 jobs in the UK by 2012 – that’s 15 percent of its workforce – in a drive to save £120 million. In a statement, the company said most of the jobs will go between Q409 and the end of 2010. Virgin said it’s just the latest part of a restructuring plan started earlier this year – previous reports had put the number at 1,000 (a figure the company would not confirm) but the reality of it is clearly much worse.

CEO Neil Berkett, speaking at Virgin’s investor meeting in New York, said the cuts are not about the worsening economy and falling consumer spending but about

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