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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Singapore Telecommunications Limited    STEL   SG1T75931496

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SingTel's Optus Plans To Cut 750 Jobs In Company Restructure

05/01/2012 | 07:52pm US/Eastern

The Australian arm of Singapore Telecommunications Ltd. (SGAPY), Optus, said Wednesday it plans to cut about 750 jobs in a restructure of the business.

Optus said in a statement it expects a one-time charge of about 37 million Australian dollars (US$38.2 million) relating to the job cuts.

It said the restructure aimed to drive greater efficiencies and would see the removal of a number of areas of duplication. Most of the job cuts are expected to come from senior and middle management as well as operations, back office and support functions, Optus said.

"By creating a more efficient organization with a renewed focus on the customer, we will be able to compete more effectively," said Kevin Russell, Optus Chief Executive of Consumer Australia.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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