Friday, June 2, 2023

British phone group BT will cut 55 jobs by 2030 Millennium Group

British telephone group BT will cut 55,000 jobs by 2030, following two years of cost-cutting in a tough economic context.

“By the end of 2020, BT Group will have a much tighter workforce and significantly lower costs,” CEO Philip Jansson said in a statement.

This represents 42 per cent of the 130,000 people employed by BT, directly or through intermediaries.

The group said on Thursday that its cost-cutting plan, which has been implemented since April 2020, is on track, “with gross savings of 2.1 billion pounds” ($2.6 billion), moving closer to its target of 3 billion .

In its financial year ending at the end of March, BT saw its turnover fall by 1 per cent to 20.7 per cent, despite a 4 per cent growth recorded by OpenReach, its subsidiary in charge of fiber optics deployments in the United Kingdom. Billion pounds.

Its net profit rose sharply by 50 per cent, but this was mainly due to a one-off tax credit partly linked to the divestment of the BT Sports television channel.

Its pre-tax profit fell 12 per cent to £1.7 billion.

His compatriot and mobile telephony rival Vodafone announced on Tuesday the elimination of 11,000 jobs over the next three years in an attempt to boost its competitiveness following unsatisfactory results.

This represents just over 10 percent of Vodafone’s workforce of 104,000 employees in 2022.

These announcements of job cuts are part of the context of a crisis in the United Kingdom due to the rising cost of living, with inflation that has not fallen below 10 percent – the highest in the G7 – and economic uncertainty.

Nation World News Desk
Nation World News Desk
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