The telecommunications giant formerly known as British Telecom has announced deep cuts to its 80,000-strong workforce in the United Kingdom, which will be shorn of almost 13,000 jobs. BT's corporate headquarters will also be moved out of London for the first time in the company's 150-year history. A third of the intended job-cuts will also be made to the company's foreign workforce of 18,000.
BT to cut 13,000 jobs and quit London HQ to cut £1.5bn in costs…. In 1992 under the last Tory Government BT downsized the company by 24,000…. and nobody said a Dickie Bird #votetory pic.twitter.com/LT4Nf3FPI7— Mr Eton Oldboys MP (@EtonOldBoys) May 10, 2018
The declared reason for the cuts has been to relieve the company of almost US$2.2 billion worth of operating costs after at least a year and a half of poor corporate performance.
The cuts total around 13 percent of the company's total workforce and come on the heels of 4,000 job losses in May of last year.