BCE Inc., Bell Canada's parent firm announced Monday it will cut about 2,500 management jobs to reduce costs, or about 6 per cent of the its workforce.
Bell Canada's parent company BCE Inc.
has announced it will cut about 2,500 management jobs to reduce cost.
This works out to be approximately 15 per cent of Bell Canada's management jobs, or about six per cent of the company's total workforce.
This announcement includes the 30 per cent staff reduction announced on July 11.
Bell is expected to save about $300 million annually.
"It is always difficult to see colleagues depart, but these changes are absolutely necessary," George Cope, the president and CEO of BCE and Bell Canada, said in a release.
"We are moving forward with a streamlined management structure that brings everyone at Bell closer to the customer and allows us to compete more effectively. This new structure positions us as a far more efficient and cost-effective operator in the intensely competitive Canadian communications marketplace."
Non-management front-line service positions are not affected by the change.
Earlier this month, BCE reached a final deal to be acquired by a group headed by the Ontario Teachers' Pension Plan in a $51.7-billion buyout.
BCE shares gained five cents, finishing at $38.95 on the TSX on Monday.
Bell Canada Cuts Management Staff
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