{"id":10428,"date":"2023-05-18T11:19:40","date_gmt":"2023-05-18T15:19:40","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bt-sets-plan-to-cut-55000-jobs-by-end-of-decade\/"},"modified":"2023-05-18T11:19:41","modified_gmt":"2023-05-18T15:19:41","slug":"bt-sets-plan-to-cut-55000-jobs-by-end-of-decade","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10428","title":{"rendered":"BT sets plan to cut 55,000 jobs by end of decade"},"content":{"rendered":"
\n

U.K. telecoms provider BT Group set plans to cut up to 55,000 jobs by the end of the decade as it completes the rollout of high-speed broadband.<\/p>\n

BT Group
\n BT.A,
\n -5.44%<\/bg-quote>
\n says it is aiming to reduce its total labor force, which includes contractors, from 130,000 down to between 75,000 to 90,000 by fiscal 2028 to fiscal 2030. <\/p>\n

\n

\u201cIt is not surprising that in an inflationary and high-interest rates environment where costs are higher and increased expenses for servicing debt, telecommunication companies are employing technology to decrease costs wherever possible,\u201d said Albie Amankona, analyst at Third Bridge.\u00a0<\/p>\n

U.K.-based mobile operator Vodafone Group
\n VOD,
\n +0.56%<\/bg-quote>
\n on Tuesday said it would cut 11,000 jobs over three years.<\/p>\n

BT said revenue and adjusted EBITDA for its fiscal year was in line with its outlook but normalized free cash flow of \u00a31.33 billion was at the lower end of guidance due to spending on building the Openreach fiber network. <\/p>\n

For fiscal 2024, it\u2019s targeting revenue and EBITDA growth on a pro forma basis; and normalized free cash flow between \u00a31 billion and \u00a31.2 billion. BT shares dropped 8% in early trade.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.K. telecoms provider BT Group set plans to cut up to 55,000 jobs by the end of the decade as it completes the rollout of high-speed broadband. BT Group BT.A, -5.44% says it is aiming to reduce its total labor force, which includes contractors, from 130,000 down to between 75,000 to 90,000 by fiscal 2028 […]<\/p>\n","protected":false},"author":1,"featured_media":10429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10428","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBT sets plan to cut 55,000 jobs by end of decade | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.K. telecoms provider BT Group set plans to cut up to 55,000 jobs by the end of the decade as it completes the rollout of high-speed broadband. 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