June 14, 2017 / 1:46 AM / a month ago

Australia's Telstra says will cut 1,400 jobs in cost-cutting drive

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SYDNEY, June 14 (Reuters) - Australia's largest telecoms company, Telstra Corporation Ltd, will shed about 1,400 jobs as part of a cost cutting drive, a spokesman said on Wednesday.

The move was first reported by The Australian newspaper. The spokesman said the company would issue a statement after announcing the changes to staff and declined to give further details.

Telstra in February disappointed the market with a surprise profit drop and flagged restructuring costs between A$300 million and A$500 million (226 million to $377 million) for the 2017 financial year. (Reporting by Tom Westbrook; Editing by Edwina Gibbs)

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