Telus

History

2023: Sacking 6,000 employees after revenue collapse

On August 4, 2023, the largest Canadian telecommunications company Telus announced a restructuring in which the number of personnel on a global scale will be reduced by about 6 thousand employees.

The reorganization is explained by the deterioration of the financial situation. In the second calendar quarter of 2023, Telus's profit collapsed by 61% on an annualized basis - to 196 million Canadian dollars ($146.26 million at the exchange rate as of August 10, 2023). For comparison: a year earlier, this figure was 498 million Canadian dollars.

Canadian telecoms firm Telus announces restructuring

The upcoming reorganization was announced by Telus CEO Darren Entwistle. As part of this program, about 4,000 positions will be reduced directly at Telus, and 2000 employees will be reduced at Telus International. It is said that layoffs are planned to be carried out, among other things, through early retirement and stimulating voluntary care. The program, restructuring will bring the expected total annual cost savings of more than C $325 million.

While our domestic business continues to show growth, our technology-focused verticals, including TI (Telus International) and TAC (Telus Agriculture and Consumer Goods), face short-term headwinds due to pronounced macroeconomic pressures, said the corporation's chief financial officer Doug French.

As of 2022, Telus had 9.7 million mobile subscribers, 2.41 million Internet users, 1.3 million cable TV subscribers, 1.1 million fixed telephony subscribers, 1.0 million security customers. The reduction in headcount suggests that the company has faced serious difficulties.^[1]

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