LONDON: BT will cut 13,000 managerial and back-office jobs and move to a smaller London base in the latest attempt by the boss of Britain 's biggest telecoms group to rebuild from an accounting scandal and multiple pressures on its business.Chief Executive Gavin Patterson said radical action was "absolutely critical" to ensure BT could deliver the next-generation fibre and mobile networks Britain needed. ""BT has now firmly gone from being a reasonably predictable growth story, an outlier in the incumbent landscape across Europe, to becoming a cost restructuring story," they said. "Quite a remarkable shift in fortunes with an outlook that is well shy of our expectations. "If we compare how we manage the business with our peers, we're frankly too complex and overweight. BT's expansion into television was an attempt to defend its customer base.The job cuts, the highest number by the former monopoly since 2008, will save 1.5 billion pounds in costs in three years, the company said.

Source: Economic Times May 10, 2018 06:35 UTC