PCCW Plans to Cut Jobs to Reduce Costs, May Affect 2,700 Managers
Mar 29, 2001 - 16:15:20 HKT
Quamnet News Service
Pacific Century CyberWorks Ltd. (0008), which took over one of Hong Kong's largest employers HKT last year, plans to trim down its current staff size of more than 14,000 people to cut costs, said Jeff Bowden, its executive vice-president.
As many as 2,700 management-level employees will be affected by the company's aim to re-deploy its manpower to become more earnings-focused, and some non-managerial employees may be laid off, he told analysts during a briefing today.
"Trimming down the size of staff and making management focused on generating value of business, the productivity of people could become higher," said Bowden.
The cost-cutting plan came after PCCW posted a record US$886 million net loss for 2000. Analysts are expecting the company to focus on cost reduction this year, rather than expansion.
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