BT announces plans to cut up to 42% of jobs by 2030

BT Group said it plans to cut its labour force, including employees and contractors, by as much as 42 per cent over the next seven years as it works to reduce costs.

Total workers, including those employed by third parties on BT’s behalf, will drop to 75,000 to 90,000 by the fiscal year ending in March 2030 from about 130,000 currently, the company said in a statement on Thursday.

Chief executive officer Philip Jansen has been quietly shrinking the workforce over the last five years as he works to grow profit, targeting savings of GBP3bn a year by the end of 2025.

The company’s been weighing more dramatic cuts since at least 2019.

Shares fell 1.5 per cent to 148.10 pence in London trading on Wednesday. The stock is up 32 per cent so far this year.

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