BT reveals 13000 job cuts across UK

11 May, 2018, 01:55 | Author: Kristine Mills
  • BT is set to axe around 13,000 jobs most of which will be back office and middle management roles the company has confirmed

Patterson, in the role since 2013, yesterday said the restructuring, which comes after a tough year last year, would focus on the essential services needed by consumers and businesses.

The telecoms company said the job losses would come mainly from back office and middle management roles.

The telecoms giant seeks to cut 1.5 billion pounds, or 2.03 billion US dollars, in costs after a torrid 18 months.

Two-thirds of the jobs cull will fall in the United Kingdom (about 9,000 jobs), with the remainder coming from the 18,000 staff employed by the telecoms giant overseas.

Specifically in Global Services BT plans to introduce new digital products and focus more on its top global customers, while "significantly lowering costs".

As part of the restructuring, the company also plans to open 30 new offices and leave its headquarters in central London.

"Our integration and restructuring activities remain on track", said CEO Gavin Patterson.

In a strategy update to the stock exchange, the telecommunications giant said the move was needed to maintain its "leading position in converged connectivity and services in the United Kingdom and for multi-national corporations".

More news: Rumour - The next iPhone will feature three camera lenses

As for BT Centre, group chief financial officer Simon Lowth said: "We'll be looking at all options for the best future for that particular site, so (we're) very early in the process". If we are compared with our peers we are frankly too complex and overweight.

At the same time, though, the company said it would hire about 6,000 front-line engineers, customer service and cyber security specialists.

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

It is also committed to closing the yawning £11.3 billion deficit in the corporate pension fund, with payments of £2.1 billion over the three years to 31 March 2020, together with a £2 billion contribution that will be funded by a bond issue.

"Many of the roles that BT is proposing to cut are highly skilled professionals and the loss of that expertise could impact BT's research and innovation capability".

The final salary scheme, closed to new members in 2001, had been the UK's largest private sector pension with a total of more than 300,000 members including retirees and ex-employees.

The strategy comes after the group reported a 3 per cent drop in fourth-quarter revenue to 5.96 billion pounds, while core earnings came in at 2.08 billion pounds, up by 1 per cent.

"Today we're announcing that we will reduce the number of offices we have in the United Kingdom over the coming years, developing a network of 30 modern workplaces across the country".

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