BT is cutting 13000 jobs and leaving London HQ
Media group BT announced the job cuts on Thursday, saying they will be made over three years and affect mainly back office and middle management roles. The firm said this would be offset by recruitment in 6,000 front line engineers, customer service and cyber security experts.
Philippa Childs, national secretary at trade union Prospect, which represents many of BT's United Kingdom workers, said the scale of the cuts was greater than had been speculated before the announcement.
BT is also moving out of its central London headquarters in St Paul's, where the group has been headquartered since 1874, as part of a wide-ranging restructuring that will ultimately cut £1.5bn in costs.
"This plan will help BT become a leader in converged communications; continue to power the UK's digital economy; and drive greater value for shareholders", the company said in a statement.
Remaining staff cuts are expected to impact upon BT's operations overseas.
As per the reports, the share of BT have slided down by 8% in London.
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BT said it wanted "fewer, bigger, more accountable leadership roles" and to "de-layer" its management structures.
Gavin Patterson, BT's chief executive, who has faced City speculation over his own role as the company has struggled over the last 18 months, said: "I am really excited to be delivering the next stage of BT's transformation and have put in place the team that will support me in achieving these objectives".
There will a loss of job of two-thirds of it in the United Kingdom itself.The company, BT also said that it would hire almost 6,000 new workers as part of a broad restructuring of the group.
BT is focusing on investing ultrafast broadband and to lead in 5G.
BT said it would consolidate its offices, and focus on just 30 "modern strategic sites to create a more collaborative, open and customer-focused working culture".
The strategic update came as BT released its full-year results which showed a 1% drop in revenue to £23.7 billion, while reported pre-tax profits rose 11% to £2.6 billion. The restructuring will cost £800 million to implement.
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