Vodafone is planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs amid economic slowdown, The Financial Times news report said.

This will be Vodafone’s biggest round of job cuts in five years. Vodafone employs about 104,000 people globally and 9,400 people in the UK. Vodafone did not reveal its job cut to employees.

Vodafone in November last year said it will cut 1 billion euros ($1.08 billion) of costs by 2026.

Vodafone Group’s revenue grew 2 percent to €22.9 billion during the first half of fiscal 2023, driven by service revenue growth and higher equipment sales.

Vodafone Group’s operating profit increased by 12 percent to €2.9 billion, reflecting a higher share of income from associates and joint ventures and lower depreciation and amortization.

Vodafone’s CEO Nick Read, who tried to revive the telecom major, stepped down from the role in 2022. Margherita Della Valle is the interim CEO of Vodafone.

Vodafone in a news statement said it was reviewing its operating model, focusing on streamlining and simplifying the group. “We will say more about the changes when we announce our third-quarter results on February 1.”