Telstra to cut up to 1400 staff as part of cost savings

Max MasonSenior reporter

Updated Jun 14, 2017 – 10.58am, first published at 10.51am

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Telecommunications giant Telstra is set to cut up 1400 jobs from 'operations' as it looks to slash costs and deal with an up to $3 billion earnings hole expected because of the national broadband network.

Telstra chief executive Andy Penn is expected to brief staff later today.

Last year, Telstra announced it was looking for $1 billion in cost savings over the next five years.

Telstra is cutting staff to save costs. Peter Braig

The telco needs to fill a $2 billion to $3 billion hole in earnings before interest, tax, depreciation and amortisation following the completion of the rollout of the national broadband network in 2020.

Telstra shares are up 0.5 per cent to $4.40 on Wednesday.