Today, May 18, the British telecommunications company BT Group reported about the intention to cut from 40 thousand to 55 thousand employees by 2028-2030. This is approximately 42% of the current number of employees of the company.
“By digitizing the way we work and simplifying our structure, by the end of the 2020s BT Group will have a much smaller staff and significantly reduce core costs. The new BT Group will be a compact business with a brighter future,” said CEO Philip Jansen. According to him, the reduction will become possible after the company completes the deployment of fiber-optic communication lines and 5G infrastructure, and also begins to actively use AI in its work. In 2018, BT already carried out a large-scale reduction – 13 thousand employees.
BT announced plans for cuts during the presentation of financial results for 2023 ended March 31. Revenue for the year decreased by 1%, amounting to £20.7 billion ($25.7 billion). Earnings before taxes, interest, depreciation and amortization (EBITDA) rose 5% to £7.9bn ($9.8bn).
BT shares fell 8%.