Beautiful Virgin Islands

Tuesday, Jul 23, 2024

UK Telecoms Firm BT Group To Cut Up To 55,000 Jobs By 2030

UK Telecoms Firm BT Group To Cut Up To 55,000 Jobs By 2030

The layoffs, comprising 42 percent of BT's workforce, come two days after UK mobile phone giant Vodafone unveiled plans to cut 11,000 jobs or one tenth of staff over three years.
British telecoms and television group BT said Thursday it would axe up to 55,000 jobs by the end of the decade to slash costs in the latest tech-sector jobs cull.

The layoffs, comprising 42 percent of BT's workforce, come two days after UK mobile phone giant Vodafone unveiled plans to cut 11,000 jobs or one tenth of staff over three years.

BT employs 130,000 staff, including contractors.

The group will lower this to between 75,000 and 90,000 people over the next five to seven years, it said in a results statement.

The grim news follows the axing this year of tens of thousands of jobs across the global tech sector, including by Facebook parent Meta, as soaring inflation saps the world economy.

BT is implementing further cutbacks, having slashed costs under a plan launched three years ago.

"By the end of the 2020s, BT Group will rely on a much smaller workforce and a significantly reduced cost base," said chief executive Philip Jansen.

The company was "navigating an extraordinary macro-economic backdrop", he added in a results statement.

The slimmed-down group "will be a leaner business with a brighter future" and will "digitise the way we work and simplify our structure".

BT said that once its full fibre broadband and 5G network was rolled out, it would not need as many staff to build and maintain it.

The firm also revealed Thursday that net profit soared 50 percent to £1.9 billion ($2.4 billion) in its fiscal year to March, but the performance was skewed by a one-off tax credit.

Pre-tax profit however sank 12 percent to £1.7 billion from a year earlier, while revenue dipped one percent to £20.7 billion.

Investors meanwhile took flight following the news.

BT's share price sank almost nine percent to 134.80 pence in morning deals on the rising London stock market.

"Headlines will no doubt focus on the job cuts," noted Hargreaves Lansdown analyst Matt Britzman.

"It's drastic, but it's not overly surprising given the mounting costs and slim margins in the wider business."
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
King Charles III Delivers Labour Government's First King's Speech
Officials Remove 'Disastrous' Label from Liz Truss's Mini-Budget
Keir Starmer Outlines Ambitious Plans for Government
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
Google and Microsoft Now Consume More Power Than Several Large Countries
Secret Service Criticized for Lack of Sniper Protection During Trump Shooting
US Senator Robert Menendez Found Guilty of Corruption
Deep Concerns about Political Violence as US Approaches Election Day
Trump Media Shares Surge Following Re-Election Bid Boost
The gunman who attempted to assassinate Donald Trump Saturday is 20-year-old Thomas Matthew Crooks
Banksy's Influence on Port Talbot's Street Art Scene
Bodies of Two Men Found in Suitcases on Bristol Bridge, 24-Year-Old Arrested
×