McLaren title sponsor sheds jobs

(GMM) Vodafone, the British based mobile company and McLaren title sponsor, said on Tuesday it will cut about 500 jobs.

The telecommunications sector has been less affected by the global financial crisis than carmakers or financial institutions, but Vodafone said in a statement that it must reduce costs.

The job losses represent 5 per cent of the Vodafone workforce in Britain. No mention was made of the existing sports sponsorship programs.