The Romanian incumbent plans to lay off nearly 12% of its workforce.
Quoting an announcement by the company, Business Review reports that by shedding 692 employees it will be expanding a restructuring process that began two years ago due to lower revenues and record losses.
The majority of the losses (438) will be in Telekom Romania Communications, with the remainder (254) in Telekom Romania Mobile Communications.
Deutsche Telekom-backed OTE is currently in the process of selling its majority stake in Telekom Romania.
Favourites to buy the stake include RCS&RDS, Orange Romania, Russia’s ER-Telecom and the Bulgarian entrepreneur Spas Roussev.
