SYDNEY—Australia’s largest telecom firm Telstra Corp Ltd said it would cut a quarter of its workforce and flagged asset sales on Wednesday, as competition and new technology crush its mainstay fixed-line businesses and force a strategic reset.
It will shed 8,000 employees and contractors from a workforce of 32,000 to save A$1 billion (US$738 million), drop underperforming products and separate assets it values at A$11 billion from the rest of the firm.
