May 11, 2017

BT to shed 4,000 jobs in new overhaul

BT says it will be shedding 4,000 jobs worldwide over the next two years in a major restructuring. The shake-up follows an accounting scandal at the Italian part of Global Services that cost BT more than £500m. BT's chief executive and its now-departed finance director will lose their annual bonuses over the scandal. In January, BT was forced to write down the value of its Italian unit after years of overstating profits. The head of the Global Services division, Luis Alvarez, is being replaced by Bas Burger. BT said it wanted to "Reposition Global Services as a more focused digital business", as technology trends meant it was less dependent on owning physical network assets around the world.

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