BT is to cut 13000 jobs in cost-cutting plan

BT sign

BT was also past year hit by a £42 million fine from regulator Ofcom, plus a £300 million compensation bill, for its failings around "deemed consent" in its Openreach division.

A BT spokesperson, said: "There are no details at this stage of either the reduction in roles, or the new jobs we have announced today, or what this means for individual locations around the country".

The company said the job losses would mainly affect back office and middle management roles, with two thirds of the cuts set fall on United Kingdom staff. It's not all cost-cutting measures, however - BT announced it would be hiring around 6,000 new employees to "support network deployment and customer service".

Shares in BT fell almost eight per cent in early trading despite it also announcing pre-tax profits rose of £2.6 billion in the year to March, a rise of 11 per cent.

"While I recognise the pain, ultimately it is the right thing to do for the business".

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BT is focusing on investing ultrafast broadband and to lead in 5G.

BT is also reducing its property footprint, which includes leaving the firm's London headquarters and making other "non-core disposals and by modernising our supplier arrangements".

"A well-resourced, highly skilled and professional work force will put BT in a better position to keep delivering world-class results which will help their financial results in the long run".

Around 80 per cent of its staff are now based in around 50 locations, with some cities hosting multiple offices.

As part of the restructuring the firm will abandon its London HQ in favour of 30 "modern strategic sites".

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Chief Executive Officer of the company, Gavin Patterson also sought to placate shareholders by maintaining BT's dividend and agreeing a new pension funding plan but a forecast that it would take up to three years to return to profit growth sent the shares down 9 percent.

"We need to do this to be competitive in the future".

It booked a £241 million restructuring charge over the period, when it cut more than 2,800 roles mainly across managerial and back office staff. For the 10 years from April 1, 2020, to March 31, 2030, BT will make annual payments of around GBP900 million towards its pension scheme.

BT said it was also trying to improve productivity across its core United Kingdom operations, including "process simplification and automation to reduce costs".

The company has been dealing with the aftermath of an accounting scandal at its Italian division, which resulted in a £530 million write-down and a major fall in its share price a year ago.

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