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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. | 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 £1.6bn write-down at this unit. | |
| BT said it would make £525m of pension contributions in each of the next three years to help cut the scheme's deficit. | |
| It also cut its dividend sharply from 15.8 pence to 6.5p. | It also cut its dividend sharply from 15.8 pence to 6.5p. |
| "Three out of four of BT's lines of business have performed well in spite of fierce competition and the global economic downturn," said BT chief executive Ian Livingston. | "Three out of four of BT's lines of business have performed well in spite of fierce competition and the global economic downturn," said BT chief executive Ian Livingston. |
| "However this achievement has been overshadowed by the unacceptable performance of BT Global Services and the resulting charges we have taken." | "However this achievement has been overshadowed by the unacceptable performance of BT Global Services and the resulting charges we have taken." |
| Union talks | Union talks |
| 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. |
| This has been a challenging year in which BT has had to tackle some significant issues BT chairman Sir Mike Rake | This has been a challenging year in which BT has had to tackle some significant issues BT chairman Sir Mike Rake |
| 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. |
| "Our aim is to work closely with the unions to reduce BT's total labour cost, of both direct and indirect staff, as this is critical to the success of the company going forward," said a BT spokesman. | "Our aim is to work closely with the unions to reduce BT's total labour cost, of both direct and indirect staff, as this is critical to the success of the company going forward," said a BT spokesman. |
| Andy Kerr, deputy general secretary at the Communication Workers' Union, told the BBC he hoped there would not be any compulsory redundancies. | Andy Kerr, deputy general secretary at the Communication Workers' Union, told the BBC he hoped there would not be any compulsory redundancies. |
| "We have worked closely with the company over the last year to make sure there were no compulsory redundancies in the company," Mr Kerr told the BBC. | "We have worked closely with the company over the last year to make sure there were no compulsory redundancies in the company," Mr Kerr told the BBC. |
| "We did it last year and the commitments have worked so far, as there's certainly no plans for compulsory redundancies for this year coming." | "We did it last year and the commitments have worked so far, as there's certainly no plans for compulsory redundancies for this year coming." |
| Pension worry | Pension worry |
| BBC business editor Robert Peston said the job cuts would be very bad news for BT's UK workforce. | BBC business editor Robert Peston said the job cuts would be very bad news for BT's UK workforce. |
| BT GLOBAL SERVICES Provides network solutions to multinational firms and large public sector bodiesRecent high profile contracts include overall of the NHS's computer systems in LondonCurrently employs 37,000 people across 53 countriesBT has been forced to write down almost £1.6bn from the value of its contractsMade an annual loss of £2bn for the year to 31 March 2009 | |
| "Ian Livingston said the firm wants to minimise the number of BT permanent staff who would be going, but jobs are jobs," he said. | "Ian Livingston said the firm wants to minimise the number of BT permanent staff who would be going, but jobs are jobs," he said. |
| Looking head, our correspondent said BT's pension deficit was a major concern, despite BT's plans to pay in £525m in each of the next three years. | Looking head, our correspondent said BT's pension deficit was a major concern, despite BT's plans to pay in £525m in each of the next three years. |
| "BT hasn't disclosed the precise size [of its pension shortfall], but it likely has about £3.3bn of liabilities," he said. | "BT hasn't disclosed the precise size [of its pension shortfall], but it likely has about £3.3bn of liabilities," he said. |
| Revenue growth | Revenue growth |
| BT's overall group-wide revenues for the year to 31 March 2009 rose 3% to £21.4bn. | BT's overall group-wide revenues for the year to 31 March 2009 rose 3% to £21.4bn. |
| Annual revenues at its BT Retail unit, which provides phone lines and broadband to homes and smaller firms, fell very slightly to £8.47bn from £8.48bn a year earlier. | Annual revenues at its BT Retail unit, which provides phone lines and broadband to homes and smaller firms, fell very slightly to £8.47bn from £8.48bn a year earlier. |
| Revenues at its BT Wholesale unit, which runs its networks, declined 6% to £4.7bn. | Revenues at its BT Wholesale unit, which runs its networks, declined 6% to £4.7bn. |
| "This has been a challenging year in which BT has had to tackle some significant issues," said BT chairman Sir Mike Rake. | "This has been a challenging year in which BT has had to tackle some significant issues," said BT chairman Sir Mike Rake. |
| Are you a BT shareholder? Or do you work at BT? How have you been affected by the company's annual loss? Share your experiences using the form below. | Are you a BT shareholder? Or do you work at BT? How have you been affected by the company's annual loss? Share your experiences using the form below. |
| A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. | A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |