Fri. Feb 23rd, 2024

The BCE conglomerate abolishes 4,800 positions, or almost 10% of its workforce

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Bell Canada Business must carry out a major restructuring as the media industry weathers one of the worst storms in its history.


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Conglomerate BCE abolishes 4,800 positions , or 9% of its workforce, in its biggest restructuring in 30 years. This was announced by the telecommunications giant when presenting the results for the fourth quarter of its 2023 financial year.

According to President and CEO Mirko Bibic, jobs will be cut at all levels of the company. We intend to proceed first by attrition and the abolition of vacant positions before directly cutting staff numbers and carrying out layoffs.

The company hopes to save between $150 and $200 million per year.

In addition to major job cuts, the group announces the sale of 45 of its 103 regional radio stations, mainly located in Quebec, Ontario, Atlantic and British Columbia.

To cope with a financial situation that promises to be increasingly difficult, BCE also plans to reduce its investment spending by $500 million in 2024. The company also announces a reduction in x27;expansion of its fiber optic network due to federal policies and CRTC decisions that discourage investments, we deplore.

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Marko Bibic, President and CEO of BCE. (Archive photo)

The company, which also published the financial results for its fourth quarter this morning, reports ' net income of $435 million for the year, down 23.3% and net income to common shareholders of $382 million, down 27.7% from the same period last year.

By mid-June, BCE had already eliminated 1,300 jobs, in addition to closing six radio stations and selling three. The company blamed unfavorable public policy and regulatory conditions.

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In September, Metro Media was officially going bankrupt.

Last November, TVA Group announced the elimination of 547 jobs, or nearly 40% of its workforce, as part of a restructuring that includes the overhaul of its information sector, the end of its internal entertainment content production activities and the optimization of its real estate portfolio.

In November, the Coops de l' x27;information have announced the abandonment of all their publications in paper format to migrate all of their operations to the Internet.

A month later, in early December, CBC/Radio-Canada announced the elimination of 600 jobs and 200 vacant positions, representing approximately 10% of all staff. The public broadcaster cited budget pressures of nearly $125 million projected for the 2024-2025 fiscal year.

More details will follow.

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