O2 Ireland to shed 120 jobs

O2 Ireland is to shed some 120 jobs from its Irish workforce, it was announced today.

"The announcement follows a comprehensive review of the business which has identified a need to reduce its cost base including employee numbers," a statement said.

The company said it is seeking voluntary redundancies across all departments.

Owner Telefónica Ireland said it had taken this "difficult decision" because of "challenging market conditions, including a fiercely competitive Telecoms sector".

"In responding to these challenges the company is making changes to processes and operations to drive greater efficiency while maintaining the service it delivers to customers," the statement said.

The company's around 1,100 Irish staff were informed of the development this morning.