Thousands of BT workers expecting to lose their jobs
THOUSANDS of jobs are expected to be made redundant by Telecoms giant BT next week, analysts say.
The telephone lines to broadband and TV provider, which is a major employer in Cardiff and Swansea, refused to comment on the report broken by the Financial Times.
The FT reported that “people with direct knowledge of the company’s plans said it is set to reveal new redundancies when it presents its full-year results next week”.
Analysts at Exane BNP Paribas estimated that 6,600 of BT’s 106,000-strong workforce would be cut over the next three years.
It is believed the new round of redundancies will also be largely among middle managers and other back office staff.
The blow to workers comes despite BT ebing expected to announce a near £3.5bn annual profit haul in its results next Thursday.
Chief executive Gavin Patterson will use the event to reveal the next stage in plans to revamp the sprawling group which has suffered a slump in its share price.
The company has been rocked by an accounting scandal in its Italian arm and splashed out billions of pounds buying Premier League and European football rights for its pay TV service.
It also paid £12.5bn for mobile giant EE in 2016.
Analysts expect the company to slash its dividend in a setback to shareholders, including many current and former BT workers.
However, it will confirm the massive black hole in its pension scheme has reduced from nearly £14bn to around £12bn.
Rebecca Long-Bailey MP, Labour’s Shadow Business Secretary, said: “The latest round of job losses are devastating and brings the total number in the last year alone to a shocking 10,000 jobs.
“These job losses will have a real impact on working families and the local community. They raise serious questions over BT’s strategy, whether it’s the appeasement of shareholders in the short term or investment in the long term.
“The Government must urgently meet with BT and the unions to ensure that there are no further job losses and that workers made redundant are properly supported.”