BT to shed 4,000 jobs in new overhaul

BT to shed 4,000 jobs in new overhaul

BT says it will be shedding 4,000 jobs over the next two years in a major restructuring.

The telecoms giant said the posts would be going in back-office and managerial sectors as it simplifies its Global Services operations.

It said technology trends meant it was less dependent on owning physical network assets around the world.

The head of the Global Services division, Luis Alvarez, is being replaced by Bas Burger.

The shake-up follows an accounting scandal at the Italian part of Global Services that cost BT more than £500m.

In January, BT was forced to write down the value of its Italian unit after years of overstating profits.

BT has also announced that its chief executive and its now-departed finance director will lose their annual bonuses over the accounting scandal.

Gavin Patterson and Tony Chanmugam understood the decision and would not have accepted a bonus if it had been approved, BT said.

It has already been announced that Corrado Sciolla, head of continental Europe, is stepping down over the affair.

Source: BBC News

Leave a Reply