• News
  • Culture&Arts

BT to axe 4000 jobs worldwide as pre-tax profits fall

BT to axe 4000 jobs worldwide as pre-tax profits fall

BT announce they are to cut 4 thousand jobs.

The telecoms group described the year as "challenging" as it reported fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts.

Financially it has been a challenging year for BT, in addition to the Italian business write-down, it has faced regulatory costs for the year of £479m, including the Ethernet issues. and integration costs of EE were £215m for the year. BT's new vision is to create a "more focused" digital business by taking advantage of cloud services to reduce its footprint of physical assets scattered around the globe. The turnaround will be overseen by Bas Burger, who will begin as the division's CEO in June following the departure of Luis Alvarez.

The committee had made "a number of hard decisions this year in light of these circumstances and exercised its discretion accordingly", Ball said.

Full-year revenue up 24 per cent to £24.1bn, mainly as a result of the contribution of EE and foreign exchange.

The positions will be cut across three divisions, which comprise global services, group functions, and technology, services and operations, BT said in its annual results statement. There had been speculation that it might be sold off, though BT had said it wanted to try to turn it around before considering a sale.




The U.K. -based telecommunications and TV provider said the job cuts come as it accelerates cost cuts in areas including global services, which provides communications services to businesses around the world.

The group's figures were hit by a £342 million Ofcom fine and related compensation payments. "We've faced headwinds in the United Kingdom public sector and worldwide corporate markets and must learn from what we found in our Italian business".

Shares fell 1.47% to 307.30p in early trading.

BT's PBT was 19% lower than in the previous year, with basic earnings per share down 33% at 19.2p.

"We anticipate these transformation programmes will save in total around £300m over two years, with a restructuring charge of around £300m over the next two years, with most of this being incurred in 2017/18", the company said.

Leave Your Comment

Leave Your Comment


Latest News

  • It's Official! Anya Taylor-Joy and Maisie Williams Join New Mutants Cast

    It's Official! Anya Taylor-Joy and Maisie Williams Join New Mutants Cast

    Now the hunt is on to cast the remaining teenagers, which includes Moonstar, Sunspot, Mirage, Warlock, and Cannonball. Taylor-Joy, meanwhile, was very optimistic about taking on the Magik role in conversation with CS earlier this year.
    School students clash with security forces in Kashmir

    School students clash with security forces in Kashmir

    Students of the Handwara Degree College marched towards the market square after hoisting the Pakistani flag, police said. The students peacefully protested within the school premises amidst chanting of pro-freedom and anti-India slogans.
    Suspect in Boston penthouse slayings has criminal history

    Suspect in Boston penthouse slayings has criminal history

    After murdering them, the attacker Bampumim Teixeira tried to fire at the police, who missed the shots and fired back at him. Richard Field , 49, was a career anesthesiologist and doctor at North Shore Pain Management , housed at 900 Cummings Center.
  • What Does Retirement Mean for Prince Philip?

    What Does Retirement Mean for Prince Philip?

    He will attend previously scheduled engagements until August , and would not accept any new invitations thereafter. Prince Philip , or the Duke of Edinburgh , is as synonymous with British royalty as Queen Elizabeth herself.

    Celtics, Wizards turn playoff into all-out war

    Oubre's incident with Olynyk came after Washington's Ian Mahinmi got into a brief scuffle with Jonas Jerebko of the Celtics. In Game 4, the Wizards won, and we heard "Free Nene" chants before it was said and done.
    World's Fattest Woman Leaves Hospital After Successful Surgery

    World's Fattest Woman Leaves Hospital After Successful Surgery

    Arguments over the final arrangements threatened to mar the proceedings, and needed intervention by State Health Minister Dr. Despite the relative success of the surgery, orthopedic specialists have said that Abd El Aty would never walk again.
  • ICE agents helped in massive gang sweep

    ICE agents helped in massive gang sweep

    Of them, 112 are gang affiliates, meaning that ICE had verifiable information that the person was associated with a gang. In the Houston region, 207 people were arrested - the highest number of any region in the nation, officials said.
    Early Signing Period Approved in College Football

    Early Signing Period Approved in College Football

    Coaches won't be showing up to schools of completely committed players trying to sway them since they'll already be signed. The new early signing period in December is a significant change in the football recruiting process.
    Rashid puts Ireland in tailspin as England take 1st ODI

    Rashid puts Ireland in tailspin as England take 1st ODI

    From 81 for 2, after Porterfield had chosen to bat first, Ireland lost 8 for 45 to be bundled out with 17 overs unused. The last two - Niall O'Brien and Tim Murtagh - wrapped up the innings and made this match a virtual no-contest.
  • Big banks fume over hefty new Australia levy

    All up, the government hopes to save $2.8 billion from its latest plans to overhaul university funding. It is expected that the new levy will raise up to $6.2 billion.
    Woman thrown into pool while trying to break up party

    Woman thrown into pool while trying to break up party

    The woman, who appeared frail and was walking her two small dogs, approached the kids and told them to turn their music down. The 68-year-old had also recently undergone hip surgery before she was thrown in the pool, reports NBC Miami .

    Chesapeake Energy Corporation Earnings Watch & Stock Update

    COPYRIGHT VIOLATION NOTICE: This piece was originally published by Markets Daily and is the property of of Markets Daily. Teachers Retirement Systems Of The State Of Kentucky has invested 0.01% in Chesapeake Energy Corporation (NYSE: CHK ).
  • Snapchat update adds 'limitless snaps' and new creative tools

    With these changes also comes an updated UI, which now houses all of its so-called "creative tools " on the right side of the app. However, after they've finished viewing it and tap to close it, the snap is going to be deleted automatically.
    Have seen worse, Kashmir situation will improve: Mehbooba Mufti

    Have seen worse, Kashmir situation will improve: Mehbooba Mufti

    Mr Gillani said the student protests were under control to a large extent. There were talks with L K Advani (in Kashmir).

    Comic Heaven hosts Free Comic Day event in Willoughby

    Many Canadians are headed to their favourite comic book shop on Saturday for 'Free Comic Book Day' . Danny Klein, of Kingston, goes through some comic books at Rubber Mallet Comics.
  • Plea for year of free Wendy's chicken nuggets becomes most retweeted ever

    Plea for year of free Wendy's chicken nuggets becomes most retweeted ever

    What's more, Wilkerson isn't the only one who won big as a result of his tweet - a good cause got a boost, too . But getting that kind of traction is extremely hard for the non-celebrities among us.
    Pentagon says it will arm Syrian Kurds, despite Turkey's objections

    Pentagon says it will arm Syrian Kurds, despite Turkey's objections

    Acknowledging the long-held concerns of Turkey, the Pentagon statement said, "we are keenly aware of the security concerns of our coalition partner Turkey".
    Mules golf atop the leaderboard at NCAA Super Regional

    Mules golf atop the leaderboard at NCAA Super Regional

    Raeysha Surendran had an eagle-two on the par-4 11th hole and posted a 78 to share 61st place with teammate Holmslykke. No. 9 Texas Tech holds third place at 296 (+8), and No.1 UCLA and No. 7 BYU are tied for fourth place at 297 (+9).

Breaking News



Recommended

WR Josh Gordon's reinstatement denied by NFL

The 6-foot-3, 225-pound Gordon had 87 catches for a league-leading 1,646 yards in 2013, his second year in the league. Our decision with Josh is just understanding where he is in this process and being able to have him.

Trump says USA will Negotiate a 'Fair' NAFTA Deal

Trump said he changed his mind after Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau called him. But some Mexican officials say they now believe Trump's strong stand on trade is akin to a player bluffing in a poker game.

Stop Everything Because Pop Rocks Oreos Now Exist

One grand prize victor will receive $500,000 and a trip to the Oreo Wonder Vault , where the brand concocts its cookie flavors. New Firework Oreos are out there in some stores, embedded with a Pop Rocks-like candy that crackles and pops in your mouth.

Harman Kardon Invoke is Cortana's poor cousin to the Echo

Perhaps the biggest differentiator between the Echo and Invoke is Harmon Kardon's work with speakers and other audio technology. Like those speakers, Invoke will let people use their voices to cue it to play music, read the news, and schedule reminders.

Trump to unveil list of conservative judges to fill lower federal courts

The 42-year-old Kansas native, the first Jewish man on the Minnesota Supreme Court, and his wife, Heather, have two children. Three other nominees are expected to be appointed to the federal appeals courts, including Amy Coney Barrett , John K.

2 killed, 8 wounded in shooting at Chicago memorial

The condition of the eight injured people is not yet known, but they have been hospitalised for treatment. Two people are dead and eight others hurt after suspects opened fire at a memorial for another shooting.

Gov. Greg Abbott Signs Bill Banning 'Sanctuary Cities' In Texas

Supreme Court and been approved there. "With this bill we are doing away with those that seek to promote lawlessness in Texas". Republicans want local police to help federal immigration agents crack down on criminal suspects in the USA illegally.

Chinese Investment in exchange of EB-5 Visas

Trump has at various times said he would lead or play a key role in many policy areas from foreign affairs to business innovation. Meyer told more than 100 investors at Beijing's Ritz-Carlton Hotel that her brother was the company's former chief executive.

Bundy earns 5th victory as Orioles beat White Sox 6-5

Miley has rebounded with the Orioles to start the 2017 season, having posted a 2.32 ERA through his first 5 starts. NOTES: The Orioles placed LHP Zach Britton (left forearm strain) back on the disabled list (retroactive to May 5).

Apple to set up $1bn US manufacturing fund

A massive part of President Trump's presidential campaign centred on bringing manufacturing jobs back to the U.S. from countries like China.