May 10, 2018
BT slashes jobs in biggest overhaul for decade
BT has launched its most significant overhaul in a decade after revealing 13,000 managerial and administrative job cuts and a plan to leave its historic home - a stone's throw from St Paul's Cathedral in London. BT shares dropped 8 per cent to 220.20p despite the company maintaining its dividend as investors focused on the company's profit warning in Thursday's fourth-quarter results. The Financial Times reported last week that BT would cut thousands of jobs as part of its overhaul. BT kicked off a big review of its business under the name Project Novator in the wake of the Italian accounting scandal that rocked the company in January last year. BT expects its revenue to fall 2 per cent in the next financial year with adjusted earnings before interest, taxation, depreciation and amortisation of between £7.3bn and £7.4bn, which is 10 per cent below consensus forecasts.
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