| 
| BT to cut another 10,000 jobs
Last Updated: 2009-04-12 16:27:55
London: The British telecom giant BT is preparing to slash another 10,000 jobs and up to 60 per cent cut in its dividend when it will announce its results next month, media reports say.
Special: Financial crisis | Special: Global job cuts
"The huge redundancy programme will be announced next month alongside a horrendous set of year-end figures that will include provisions of about pound 1.5 billion," the Sunday Times said adding that "the redundancies are in addition to the 10,000 job cuts made last year and will be spread around BT's 1,60,000 workforce."
The report further said the dividend is likely to be cut by up to 60 per cent, while profits will be further dented by a big contribution to address a pension deficit that will exceed pound 8 billion.
The results will mark one of the lowest points in BT's history since it was privatised in 1984. The share price has crashed to 81 pence, valuing the telecom company at pound 6.3 billion.
The results would also seriously damage the legacy of Ben Verwaayen, BT's former chief executive, who left eight months ago and has since become chief executive at Alcatel-Lucent, the report added.
| 
| © Copyright Sify Technologies Ltd, 1998-2009. All rights reserved. India News Portal, Sify.com hosted at SifyHosting India's first Level 3 Internet Data Centre. Site optimized for Internet Explorer 5.5 and above. See Disclaimer | Privacy Policy & Parental Guidance on pornography | careers@sify | About Us | Feedback | Advertise |