Vodafone to cut costs by €1.22bn

The new boss of Vodafone signalled a different strategy for the mobile phone giant today after announcing plans to cut costs by £1bn (€1.22bn) a year.

Chief executive Vittorio Colao, who took over from Arun Sarin in the summer, said the firm would shift its focus from “revenue stimulation” towards packages that offer more value to customers in return for greater commitment.