Deutsche Telekom eyes 3 bln euros of cost cuts by 2018-magazine

FRANKFURT, June 19 Thu Jun 19, 2014 6:17am EDT

FRANKFURT, June 19 (Reuters) - German telecommunications firm Deutsche Telekom aims to cut about 3 billion euros ($4.1 billion) of administrative costs by 2018, monthly Manager Magazin reported on Thursday.

The plan is part of a new savings programme designed by consultancy McKinsey and dubbed BEST, which bundles existing programmes in Europe, the magazine said in an excerpt of an article to be published on Friday.

Deutsche Telekom was not immediately available for comment.

Manager Magazin cited a company spokesman as confirming the report and saying the programme's purpose was to examine "what impact the creation of a pan-European network could have on existing control and administrative functions." ($1 = 0.7368 Euros) (Reporting by Maria Sheahan; Editing by Ludwig Burger)

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