BT Group is planning to slash up to 55,000 jobs in the next five to seven years
The UK telecom company said Thursday that its total workforce would fall to between 75,000 and 90,000 by 2028-2030, from 130,000 at present. That includes BT employees and contractors supplied by a third party. Shares in the company tumbled 8% in London.
” Earlier this week, Vodafone\n \n , once the world’s biggest mobile telecom group, said it would cut 11,000 jobs, or about 11% of its workforce, over three years. The company also unveiled a turnaround plan to revive its ailing fortunes under new CEO Margherita Della Valle. European telecom companies have fared particularly poorly over the past decade, delivering lower returns to shareholders than their US peers, according to McKinsey. BT said revenue fell 1% to £20.
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