THE RUMOUR FILE

Telstra has announced today it will slash a quarter of its workforce, in a bid to reduce “layers of management”.

A contributor to yesterday’s Rumour File forewarned of action by the company.

“A major Telco will announce up to 3000 redundancies on the 20th of June.”

That rumour was confirmed today but it’s not 3000, its a whopping 8000 jobs.

The cuts are aimed at reducing “two-four layers of management”, Telstra says.

Ross pointed out Telstra’s entire staff is 32,000 – so these changes will see a quarter of the company’s staff go.