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British Telecoms group to cut 13000 jobs in major restructuring

British Telecoms group to cut 13000 jobs in major restructuring”

On Thursday, the British media group, BT Company announced that it will be cutting down 13,000 jobs and will be leaving the London headquarters so that it can save its billions.The company said the cuts will be made over three years time affecting mainly the back office and middle management roles.

One-third of the job losses will take place overseas.

Last May, the British company cut 4,000 jobs, with about half coming from the United Kingdom, to save 300 million pounds, or 405 million USA dollars, over two years.

The company said that it will be hiring 6,000 people to "support network deployment and customer service" as part of the restructuring.

Specifically in Global Services BT plans to introduce new digital products and focus more on its top global customers, while "significantly lowering costs".

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Additionally, the telecoms giant will be seeking to leave its current premises near St Paul's in London, with a view to taking on a smaller - and presumably cheaper - office. About 80% of BT's staff are now based in about 50 offices across the UK.

As for BT Centre, group chief financial officer Simon Lowth said: "We'll be looking at all options for the best future for that particular site, so (we're) very early in the process".

"If we compare how we manage the business with our peers, we're frankly too complex and overweight".

"While I recognise the pain, ultimately it is the right thing to do for the business".

The job cuts will enable BT to cut costs by £1.5bn, with the restructuring expected to cost £800m. It will pay 2.1 billion pounds into the scheme by 2020 and a further 2 billion pounds will be funded by the issuance of bonds.

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BT has around 106,400 employees globally, with 82,800 in the UK.

BT said that the majority of the redundancies will come from back-end roles and mid-management, adding that simplifying its structure will result in "fewer, bigger, more accountable leadership roles". "Although, whilst any job losses are disappointing, the CWU welcomes BT's commitment to 6,000 new jobs in frontline engineering and call centres".

"BT is uniquely positioned to be a leader in converged connectivity and services", said BT CEO Gavin Patterson.

In a statement to Newstalk.com, BT Ireland says: "There are no details at this stage of either the reduction in roles, or the new jobs, we have announced today". It also spent £12.5bn to buy mobile phone operator EE in 2016.

It is thought by financial analysts that the cuts are primarily a response to pressure from investors to increase dividends because the company's stock performance has been poor in recent years.

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