Vodafone Deutschland to axe 2,300 jobs as it steps up cost-cutting efforts

Nov 9 (Reuters) - Vodafone Deutschland said on Monday it would cut 2,300 jobs as it accelerates efforts to reduce costs amid intensified competition in the sector.

• Vodafone's German division aims to strengthen its competitiveness and support growth by simplifying its structures, making greater use of AI and through targeted investments.

• It intends to integrate its sales and customer service functions even more closely, it said in a statement.

• At the same time, the company is increasing its investment in AI, IT, fibre-optic networks, digital services and digital customer channels.

• "The market environment remains challenging and overall cost pressures are high," Vodafone Deutschland said, despite improvements from restructuring measures over the past two years.

• It flagged lower revenues and a price war in the mobile market, a shrinking TV market, fierce competition in the fibre-optic sector as well as general inflation as reasons for the measures.

(Reporting by Hakan ErsenWriting by Linda PasquiniEditing by Friederike Heine)