BT cuts almost 8,000 jobs amid sweeping cost-saving programme
Summary
BT has cut 7,731 jobs since the end of March, reducing its workforce to about 90,000, excluding its international business. The cuts helped lift pre-tax profit by 12% to £1.1 billion in the six months to September, while BT raised its savings target to £3.7 billion by 2030.Key Facts
- Most of BT’s job cuts have been in Openreach as its fibre network construction slows.
- BT expects its workforce to reach 75,000 to 80,000 by the end of the decade.
- BT said Openreach’s full-fibre network had reached 24.1 million homes and aims to reach 25 million by year-end.
- BT shares rose as much as 6% in early trading and reached a five-year high.
- BT is acquiring TalkTalk for £400 million, but the deal remains under regulatory review.
- TalkTalk employs about 900 people and provides telecoms services to 2.5 million households and public service customers.
- BT’s international business is being spun out in a joint venture with Verizon.
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