World Economy
0

Britain’s BT Group to Cut 4,000 Jobs

Britain’s BT Group to Cut 4,000 JobsBritain’s BT Group to Cut 4,000 Jobs

Troubled British telecoms giant BT said on Thursday it will axe 4,000 jobs worldwide in a new cost-cutting drive, after posting sliding profits in a “challenging” year, AFP reported. The positions will be cut across three divisions, which comprise global services, group functions, and technology, services and operations, BT said in its annual results statement. The group, which currently employs 102,500 staff and operates in 180 countries, will take a one-off restructuring charge of £300 million ($388 million). Meanwhile, pre-tax profit dived by a fifth to £2.35 billion in the financial year to the end of March, hit by an Italian accounting scandal, troubles at its Openreach broadband unit, and challenging trade both at home and abroad. “Technology trends mean that we are now less dependent on owning physical local network assets around the world, creating the opportunity to reposition Global Services as a more focused digital business,” said Chief Executive Gavin Patterson.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com