1. Deutsche Telekom AG, Europe's largest phone company, agreed to sell its Club Internet unit in France for about 500 million euros, part of a plan to sell 3 billion euros of assets in three years.
2. In November, it unveiled a four-year program to cut annual costs by as much as 4.7 billion euros. Payroll expenses account for about a fifth of the reduction.
3. By the end of next year, it aims to reduce headcount by 32,000 people.
4. The company has sold some office and hotel properties and agreed to sell a stake in its real- estate marketing arm.
Can’t there be a quarterly review of superfluous expenses even in good times to obviate the need for drastic painful crisis measures?
[Click here for full story at: BLOOMBERG.COM]
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