May 10, 2018
BT pulls plug on its own history in radical overhaul
A shake-up announced this week, devised by McKinsey and led by BT chief executive Gavin Patterson, has deemed the building expendable as management looks to deliver £1.5bn in annual savings within three years. BT suffered a torrid year in 2017 when its growth strategy, based around the move into mobile phone services and pay-TV, backfired. "Thirteen-thousand job cuts and a move out of central London are drastic actions but they still aren't going to be enough to dig BT out the hole it's in," he said. Mr Patterson said the business had grown "Complex and overweight" and that the cost-cutting was necessary for BT to stay competitive. The BT Pension Scheme "Remains an unsecured creditor to BT - whether or not it holds its bonds," he said.
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