Vodafone to slash jobs‾

Market analysts expect Vodafone to be the latest multinational telecom company to announce job cuts, as part of a cost cutting program due to be announced this week.

Vodafone can, and indeed should, cut costs by up to £1 billion ($1.56 billion), according to analysts quoted by The Times Online.

The analysts expect that 20% of Vodafone's Western European workforce could eventually be at risk.

The cuts will be required because of reduced consumer spending due to the market crisis, and because the company is facing tough competition in parts of Europe.

Nevertheless, analysts have predicted that Vodafone will post an $8 billion profit when it releases its annual report on Tuesday.