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| BT to shed a further 15,000 jobs | BT to shed a further 15,000 jobs |
| (20 minutes later) | |
| BT has said it will cut about 15,000 jobs this year, mostly in the UK, and has reported an annual loss of £134m. | |
| The firm also said it had cut 15,000 jobs in the past year, which was 5,000 more than expected. | The firm also said it had cut 15,000 jobs in the past year, which was 5,000 more than expected. |
| BT's woes centre on its global services unit, which handles the network systems of large firms. BT said it had taken a near £1.5bn write-down at this unit. | BT's woes centre on its global services unit, which handles the network systems of large firms. BT said it had taken a near £1.5bn write-down at this unit. |
| The firm also said that it would be making pension contributions of £525m in each of the next three years. | |
| It also cut its dividend sharply from 15.8 pence to 6.5p. | |
| 'Unacceptable performance' | |
| The latest 15,000 job cuts represent 10% of the firm's current workforce. | The latest 15,000 job cuts represent 10% of the firm's current workforce. |
| BT said it hoped to remove the positions through natural wastage and voluntary redundancies, and added that it did not have plans for compulsory lay-offs. | BT said it hoped to remove the positions through natural wastage and voluntary redundancies, and added that it did not have plans for compulsory lay-offs. |
| BT chief executive Ian Livingston said the firm's results had been "overshadowed by the unacceptable performance" of its global services business. | |
| Nigel Hawkins, telecoms analyst at Williams de Broe, said these were "very difficult times for BT". |