{"id":95,"date":"2017-08-29T11:39:17","date_gmt":"2017-08-29T11:39:17","guid":{"rendered":"http:\/\/127.0.0.1\/wordpress25\/bt-to-cut-4000-jobs-in-restructuring-after-challenging-year.html"},"modified":"2017-08-29T11:39:17","modified_gmt":"2017-08-29T11:39:17","slug":"bt-to-cut-4000-jobs-in-restructuring-after-challenging-year","status":"publish","type":"post","link":"https:\/\/www.moneymethods.net\/?p=95","title":{"rendered":"BT to cut 4,000 jobs in restructuring after ‘challenging year’"},"content":{"rendered":"

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WT24 Desk<\/strong><\/p>\n

BT (BT.L<\/span>) said on Thursday it would cut 4,000 jobs in its Global Services unit that serves multinationals and scale back its dividend growth ambitions in a drive to recover from an accounting scandal and a profit warning, Reuters reports.<\/p>\n

The scandal in Italy in January, combined with a profit warning stemming from a slowdown in the work it does for governments, sent BT’s shares plunging at the time, wiping 8 billion pounds from the company’s value.<\/p>\n

The telecoms group described the year as “challenging” as it reported fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts.<\/p>\n

On an underlying basis excluding transit, revenue was broadly flat for the year, in line with guidance.<\/p>\n

BT said the review of Global Services, which will cost it 300 million pounds, would improve its financial performance and the long-term value it delivers to BT.<\/p>\n

The jobs cuts would come in managerial and back office areas in a restructuring designed to simplify the business, it said.<\/p>\n

Following the accounting scandal, Chief Executive Gavin Patterson and former Group Finance Director Tony Chanmugam will not receive a bonus for the 2016\/17 financial year, the company said.<\/p>\n

“This has been a challenging year for BT,” Patterson said on Thursday.<\/p>\n

“We’ve faced headwinds in the UK public sector and international corporate markets and must learn from what we found in our Italian business.”<\/p>\n

It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017\/18 would be lower than the 10 percent it had previously targeted.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

WT24 Desk BT (BT.L) said on Thursday it would cut 4,000 jobs in its Global Services unit that serves multinationals and scale back its dividend growth ambitions in a drive to recover from an accounting scandal and a profit warning, Reuters reports. The scandal in Italy in January, combined with a profit warning stemming from a slowdown in the work it does for governments, sent BT’s shares plunging at the time, wiping 8 billion pounds from the company’s value. The telecoms group described the year as “challenging” as it reported fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and <\/p>\n","protected":false},"author":1,"featured_media":90,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[4],"class_list":["post-95","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","has_thumb"],"_links":{"self":[{"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/posts\/95","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=95"}],"version-history":[{"count":0,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/posts\/95\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=\/wp\/v2\/media\/90"}],"wp:attachment":[{"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=95"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=95"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneymethods.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=95"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}