Telecommunications giant BT Group (BT.A), formerly known as British Telecom, says it plans to cut up to 55,000 jobs by 2030 as it seeks to shrink operations and reduce costs.
The layoffs, which will include both staff and contractors, will result in a 42% workforce reduction at the London-based company.
“BT Group will rely on a much smaller workforce and a significantly reduced cost base,” the company said in a statement. “New BT Group will be a leaner business with a brighter future.”
The job cuts were announced as BT Group reported a 5% increase in its earnings to $9.8 billion U.S. for the fiscal year ended March 31.
BT’s pre-tax profit was down 12% to $2.15 billion U.S. due to higher depreciation from network builds, the company said.
BT Group’s stock has declined 25% over the last 12 months to trade at 135.20 British pounds (Cdn$226.40) on the London Stock Exchange.
