BT to cut 4000 jobs in restructuring after 'challenging year'

BT to cut 4000 jobs in restructuring after 'challenging year'

In the aftermath of the Italian accounting scandal, BT has replaced its Global Services CEO Luis Alvarez with Bass Burger, while also announcing a two-year restructuring "to create a simpler and leaner operating model".

Chief executive Gavin Patterson and its former finance director Tony Chanmugam both saw their bonuses cut as a result of the Italian scandal.

BT Openreach also received a fine from Ofcom after an investigation into historical Deemed Consent practices.

For the current 2017-18 year, BT forecast that underlying revenue would again be broadly flat and core earnings would decline to a level between 7.5 and 7.6 billion pounds.

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The firm said that Mr Patterson will receive a total pay packet of £1.3 million for 2016/17, down from £5.3 million the previous year.

"The committee has made a number of hard decisions this year in light of these circumstances and exercised its discretion accordingly". Revenues rose 10 per cent to £6.1 billion.

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.

BT said its fibre broadband network now passes 26.5m premises, while EE's 4G coverage reaches 80% of the UK's landmass. "We've faced headwinds in the United Kingdom public sector and global corporate markets and must learn from what we found in our Italian business".

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Shares were down nearly 2% in morning trading. The company proposed a final dividend of 10.55p, up 10 percent, while warning that its 2017/18 dividend growth to be lower than the 10 percent previously anticipated.

"The cost savings will provide headroom to offset market and regulatory pressures and support increased investment in delivering great customer experience and leading networks", it added.

Neil Wilson, senior market analyst at ETX Capital, said: "It's been a pretty torrid time for BT management and shareholders of late and there is not a lot of good news in today's full-year earnings report".

"We have also taken steps to enhance the wider controls that monitor our overseas operations in our shared service centres, Global Services and at a group level", said the company.

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