UK telecom company BT plans to shed up to 55,000 jobs in latest tech layoffs
U.K. telecom company BT Group plans to shed up to 55,000 jobs by the end of the decade as part of an overhaul aimed at slimming down its workforce to slash costs
By AP News
Published - May 18, 2023, 06:00 AM ET
Last Updated - Aug 09, 2024, 07:20 AM EDT
LONDON (AP) — U.K. telecom company BT Group said Thursday that it plans to shed up to 55,000 jobs by the end of the decade as part of an overhaul aimed at slimming down its workforce to slash costs.
BT, which has 130,000 workers including both staff and contractors, said in its latest earnings report that its number of employees would be reduced to between 75,000 and 90,000 by 2030.
“By the end of the 2020s BT Group will rely on a much smaller workforce and a significantly reduced cost base," CEO Philip Jansen said. "New BT Group will be a leaner business with a brighter future.”
Tech and telecom companies have been cutting jobs as the industry undergoes a painful shakeup amid flagging economic growth and surging inflation.
