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O2 prepares to axe 120 of its workforce here

MOBILE phone giant O2 has confirmed it is seeking 120 voluntary redundancies from its Irish workforce of 1,100 people.

The company, which is owned by Spanish telecoms group Telefonica, said the redundancies are needed to deal with "ongoing challenging market conditions".

It said it was becoming "a fiercely competitive telecoms sector'' and the moves follow a review of the business, which has identified a need to cut costs, including jobs. O2 added that these cost-cutting actions will mean that the company will be in a position to sustain the most competitive offerings to customers while also continuing to invest in next-generation products and services. This will ensure the future growth of the company in Ireland.