01:51 GMT +321 September 2018
Listen Live
    British Telecom (BT)'s headquarters is seen in central London, Britain May 10, 2018

    BT CEO Given $1.75 Million Bonus Just Days After 13,000 Workers Lost Their Jobs

    © REUTERS / Hannah McKay
    Business
    Get short URL
    515

    Two weeks ago, multinational telecommunications giant BT announced it would be making some 13,000 members of its workforce redundant after the company had a year of poor financial performance. The company’s decision to hand its CEO and other senior personnel large pay rises just days later has raised ethical questions.

    BT CEO Gavin Patterson was awarded a bonus of £1.3 million (almost US$1.75 million at the current GBP/USD exchange rate) on Thursday despite the corporation having a tough year, the Financial Times reported.

    READ MORE: BT Sheds Thousands of Jobs and Moves HQ From London For First Time in 150 Years

    Additionally, Mr. Patterson was given a 2.5 per cent pay rise, as were numerous other board members and senior managers at the British telecommunications company, which provides a range of services, including broadband access.

    His recently awarded bonus coupled with his standard pay brings his total annual compensation to £2.3 million (almost US$3.1 million.)

    Despite top executives losing share allocations due to the firm’s poor performance in 2017, many were, understandably, angry at BT’s decision to pay out obscene bonuses just days after the company announced plans to slash its UK workforce.

    Brits took to social media to express their opposition to the “callous greed” of BT executives and the wider issue of large corporations paying their CEOs large bonuses, especially in the case of struggling businesses.   

    READ MORE: UK Chancellor Set to Court City Bankers Amid Bonus, Bailouts & Rigging Rows

    Related:

    Top Bank of England Official Retracts Remark That UK Economy 'Menopausal'
    Fear of Corbyn Gov't Nationalizing Economy Prompts EU's Hard Line on UK - Report
    UK Economy Expected to Rebound in Q2 After Severe Winter
    Tags:
    bonuses, ethics, economy, British Telecom (BT), Gavin Patterson, United Kingdom, London
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment