More than £1.7 billion was wiped from the value of BT yesterday as the former nationalised telecom group’s plan to cut thousands of jobs and save £1.5 billion in costs in two years failed to impress sceptical investors. Shares in the FTSE 100 company, one of the most widely held stocks on the London Stock Exchange, fell more than 7 per cent to six-year lows at 221p as questions mounted about its financial health and long-term strategy. BT, privatised in 1984, is Britain’s largest telecom provider with more than 106,000 staff and 18 million retail and business customers using its mobile, fixed line, broadband and TV services. The group missed key revenue targets yesterday and is facing growing broadband competition from nimbler rivals and intense…

Source: The Times May 10, 2018 22:52 UTC