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13/11/2008
BT Announce 10,000 Job Cuts
Telecommunications giant BT has announced it will slash 10,000 jobs, as the company faces the global economic downturn.
The company, which said 4,000 jobs have already been axed, will shed a further 6,000 between now and March 2009.
It is understood the majority of the posts will be agency and contract staff and offshore workers.
The cuts - part of an on-going efficiency programme - are revealed as BT announced an 11% fall in second quarter pre-tax profits to £590 million. Revenues were 4% higher at £5.3bn.
The telecoms company currently has 160,000 people working for it worldwide, 110,000 of these people are directly employed. Around 90,000 direct jobs are based in the UK.
Ian Livingstone, BT's Chief Executive said: "Three out of four business units, BT retail, BT Wholesale and Openreach are delivering on or ahead of target.
"But profits in BT Global Services are simply not good enough and we are taking decisive action to put matters right."
He added: "We have appointed Hanif Lalani as the new Chief Executive of BT Global Services and he will continue to grow the business while reducing the cost base."
The announcement comes during a week of economic uncertainty, with the news unemployment has risen by its highest rate in 11 years.
Virgin Media have also announced 2,200 job cuts - equating to around 15% of the company's workforce - and the world's second-largest drugs-making company, GlaxoSmithKline, also announced the closure of their Dartford factory, which will result in the loss of 620 jobs.
See: Unemployment Highest In Over A Decade
(JM)
The company, which said 4,000 jobs have already been axed, will shed a further 6,000 between now and March 2009.
It is understood the majority of the posts will be agency and contract staff and offshore workers.
The cuts - part of an on-going efficiency programme - are revealed as BT announced an 11% fall in second quarter pre-tax profits to £590 million. Revenues were 4% higher at £5.3bn.
The telecoms company currently has 160,000 people working for it worldwide, 110,000 of these people are directly employed. Around 90,000 direct jobs are based in the UK.
Ian Livingstone, BT's Chief Executive said: "Three out of four business units, BT retail, BT Wholesale and Openreach are delivering on or ahead of target.
"But profits in BT Global Services are simply not good enough and we are taking decisive action to put matters right."
He added: "We have appointed Hanif Lalani as the new Chief Executive of BT Global Services and he will continue to grow the business while reducing the cost base."
The announcement comes during a week of economic uncertainty, with the news unemployment has risen by its highest rate in 11 years.
Virgin Media have also announced 2,200 job cuts - equating to around 15% of the company's workforce - and the world's second-largest drugs-making company, GlaxoSmithKline, also announced the closure of their Dartford factory, which will result in the loss of 620 jobs.
See: Unemployment Highest In Over A Decade
(JM)
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HSBC Announce Thousands Of UK Job Cuts
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30 July 2008
Northern Rock Reveals Job Cuts
Northern Rock is set to shed up to 1,300 jobs as part of a restructuring plan. The troubled bank, which was effectively nationalised this year, aims to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. The job cuts are in line with previously announced plans to cut 2,000 staff by 2011.
Northern Rock Reveals Job Cuts
Northern Rock is set to shed up to 1,300 jobs as part of a restructuring plan. The troubled bank, which was effectively nationalised this year, aims to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. The job cuts are in line with previously announced plans to cut 2,000 staff by 2011.
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