May 3, 2018

BT set to reveal plans for thousands of job cuts

BT will next week reveal plans to cut thousands more jobs as Britain's biggest telecommunications company battles to win back investors still spooked by an accounting scandal in Italy last year and repeated curtailing of its once ambitious financial goals. The company announced 4,000 job cuts a year ago, but people with direct knowledge of the company's plans said it is set to reveal new redundancies when it presents its full-year results next week. BT shares have been cut nearly in half over the past two years as Mr Patterson's strategy to turn a bloated former national incumbent into a consumer-focused TV and mobile business has faltered. The "Project Novator" review was intended to reshape BT in an effort to end the series of incremental cost cuts the company has pushed through in recent years. The internal restructuring is expected to yield substantial cost savings, but analysts expect BT will also look to make compulsory redundancies this year across the entire company, having largely relied on voluntary programmes and cutting contractors in the past.

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