UK Telecommunications giant British Telecom has said that it expects to cut up to 10,000 jobs by March 2009. The cuts will affect BT’s agency and contract staff, as well as offshore workers. BT stated that it had already cut 4,000 of its 160,000 workforce worldwide, with another 6,000 jobs cuts expected before the end of March.
BT went on to say that the job cuts were not due to the economic downturn, and that “We need to do it in good times and bad.”
The job cuts come as the company announced a per-tax fall in profits by 11% for Q3 of this year, whilst revenue was up 4% to £5.3 billion.
BT’s latest job cuts did little to wavier investors, as its share prices rose by 12%, up 13.5p to 126p in the early trading session in London.
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