BT is preparing to axe another 10,000 jobs. The huge redundancy programme will be announced next month alongside a horrendous set of year-end figures that will include provisions of about £1.5 billion.
The results will mark one of the lowest points in BTâs history since it was privatised in 1984. The share price has crashed to 81p, valuing the telecoms company at £6.3 billion. It will also seriously damage the legacy of Ben Verwaayen, BTâs former chief executive, who left eight months ago and has since become chief executive at Alcatel-Lucent.
The dividend is likely to be cut by up to 60%, while profits will be further dented by a big contribution to address a pension deficit that will exceed £8 billion.
The redundancies, which result from an improvement in BTâs efficiency, are in addition to the 10,000 job cuts made last year and will be spread around BTâs 160,000 workforce.
http://business.timesonline.co.uk/tol/business/industry_sectors/telecoms/article6078442.ece
Economic recovery made in UK...
The results will mark one of the lowest points in BTâs history since it was privatised in 1984. The share price has crashed to 81p, valuing the telecoms company at £6.3 billion. It will also seriously damage the legacy of Ben Verwaayen, BTâs former chief executive, who left eight months ago and has since become chief executive at Alcatel-Lucent.
The dividend is likely to be cut by up to 60%, while profits will be further dented by a big contribution to address a pension deficit that will exceed £8 billion.
The redundancies, which result from an improvement in BTâs efficiency, are in addition to the 10,000 job cuts made last year and will be spread around BTâs 160,000 workforce.
http://business.timesonline.co.uk/tol/business/industry_sectors/telecoms/article6078442.ece
Economic recovery made in UK...