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Telstra expedites job cuts, restructuring costs rise by A$200M

Telstra Corp. Ltd. expects higher restructuring costs as it plans to expedite about 6,000 job cuts, London's Financial Times reported.

The Australian telco is now expecting about A$800 million in restructuring costs for the 2019 fiscal year due to the layoffs, compared to an earlier estimate of A$600 million.

The job cuts are part of the company's Telstra2022 strategy, which intends to focus on flattening its structure by slashing two to four layers of management and removing a quarter of executive and middle-management roles.

Telstra is also taking a A$500 million noncash charge for its legacy data storage systems after undergoing an upgrade, Reuters reported the same day.