Former state monopoly BT is expected to cut 13,000 jobs over the next three years and shut down its current London headquarters to cut back 1.5 billion pounds in costs and boost its staggering share price.
mainly in the back office and middle management, but BT has not specified in which areas of the business the ax will fall. BT currently has 106,000 employees worldwide.
The location of BT's new headquarters has not yet been publicly advertised, but has been in a building in St. Paul's since 1874 – the same year that Aston Villa was founded Factory Act put a 56-hour work week and undercut children under 10 who were used as chimney sweeps.
BT released "Strategic Update" in its 201
The increase was due to a 19 percent decline in earnings last year, as BT had written off £ 530 million on a balance sheet scandal in its Italian business and faced regulatory costs of £ 479 million. BT's stock market value has not rebounded since the balance sheet crisis, as the price immediately fell by nearly £ 8bn
BT blamed the recent decline in revenue on the division's corporate business, pointing to the Global Services outsourcing sector Decline in sales of 9 percent for the year to £ 5 billion.
The decline in revenue was "due to continued challenging market conditions and a reduction in IP Exchange volume and equipment sales in line with our strategy of reducing low margin business," the company said. [BT] BT's consumer business grew 3 percent to £ 5 billion, and its mobile EE business grew 4 percent to £ 5.3 billion. Openreach sales remained flat at £ 5,123 Bill
Speaking of Gavin Patterson: "I am very much looking forward to delivering the next leg of the transformation of BT and have the team set up to help me achieve those goals."
Since Patterson took the helm BT has significantly increased its client portfolio and committed to donate £ 295 million to the Premier League for each season until 2021/22.
BT confirmed 4,000 jobs last year, with lion's share in Global Services. BT said today that the previous restructuring program remains on track.
"At the end of the year, we incurred £ 241 million in costs and removed more than 2,800 roles primarily from management and back-office areas, and saved £ 180m," he said.
In addition to the final round of cuts, BT said it would hire 6,000 people to support network deployment and customer service. In March, it announced plans to recruit 3,500 aspiring engineers
This will serve as comfort for those poor souls who will seek new employment elsewhere in the next three years. At least some of them will have time to refresh their CV.
BT has reached an agreement with its trustees on its £ 11.3 billion pension deficit today. It will reduce the deficit over a 13-year period by spending £ 2.1 billion over the three years to 31 March 2020 and contributing another £ 2.0 billion.
In March, the company announced the closure of its last pension
For the year 2018/19, BT predicted a decline in sales of approximately 2% over the previous year, mainly due to significant regulatory price reductions in Openreach.
In February, Ofcom lowered the price Openreach can charge operators Superfast Broadband, which BT said will come to £ 120 million next year. ®
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