The British telecommunications group BT has announced a wave of redundancies that will affect between 40,000 and 55,000 jobs, this would mean reducing its workforce by 40% by the end of this decade as part of plans to reduce costs and renew your workforce.
The telecommunications giant currently has around 130,000 employees, but plans to reduce that number to less than 90,000 by the end of the 2020s, a spokesman said.
The company, the largest provider of broadband and mobile services, stresses that it wants to have a “much smaller workforce” and a low cost base. The CEO of the company, Philip Jansen, that the group will digitize the way it works and simplify its structure by the end of the 2020s.
“The new BT group will be a leaner business, with a brighter future,” Jansen said, noting that the company will work with unions to address these job cuts.
BT made this decision after the mobile phone company Vodafone also announced this week that it plans to cut 11,000 jobs over the next three years to simplify the group.
BT shares plunge 8.51%
The group’s shares plummeted 8.51% this Thursday after announcing the wave of layoffs. BT shares were trading on the London Stock Exchange this morning at 135 pence (155 cents) shortly after the announcement.