Major UK telecoms company, BT, has announced plans to cut 13,000 jobs and quit its London headquarters in a bid to cut costs.
The jobs, which will be cut over the next three years, will be office and middle management based jobs with two thirds of the losses coming in the UK.
The company has said the losses will aim to “reshape the business to meet the demand for converged products”.
The group will now focus on investing in ultrafast broadband, plus a specific focus on 5G and as a result, the firm is looking to cut £1.5bn in gross costs from the business.
In a statement, BT chief executive Gavin Patterson, said: “Our strategy will drive sustainable growth in value by focusing on delivering differentiated customer experiences, investing in integrated network leadership, and transforming our operating model.”
It comes as BT revealed that it missed its objectives, with revenues in the last quarter falling 3% to £5.97bn. BT’s reported pre-tax profits were £872m while adjusted EBITDA rose one per cent to £2.1bn.
Patterson added: “BT delivered a solid set of financial results in the fourth quarter, with growth in our consumer divisions offset by declines in our enterprise businesses, due to both challenging market conditions and our decision to exit lower margin business.”