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WorldCom to axe 2,000 UK jobs

12 April 2012

DISGRACED US telecoms group WorldCom is to axe 2,000 overseas staff, including another 750 at its UK headquarters in Reading, in an effort to reverse an outflow of cash by 2003.

The rest of the job losses will be in France and Germany. Lucy Woods, chief executive of WorldCom International, said: 'It's never pleasant to announce job cuts but we're here to stay and we'll be cash positive in 2003.'

WorldCom filed for Chapter 11 bankruptcy protection in July after revealing it had inflated profits by $3.85bn (£2.48bn).

While the men charged with orchestrating the alleged fraud prepare to stand trial in New York, the company is trying to get back on its feet by discontinuing unprofitable products, keeping investment to a minimum and cutting capital expenditure and running costs.

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