Deutsche Telekom to Axe 20,000 Jobs

German telecommunications giant Deutsche Telekom is to step up its cost-cutting efforts and plans to axe 20,000 jobs in 2006 and 2007, Financial Times Deutschland reported on Wednesday. The additional slashes, coming on top of 38,000 job cuts already implemented in 2003 and 2004, had been approved by Deutsche Telekom's supervisory board at a meeting last week, FT Deutschland reported, quoting sources close to the company. Chief executive Kai-Uwe Ricke had previously promised that no more jobs would be shed from next year. Deutsche Telekom has declined to comment on the report.