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UK-based global telecommunications and network provider, BT Group, plans to slash up to 55,000 jobs by 2030 and become a "leaner" business.
The announcement came as it reported a 5% rise in full-year adjusted core earnings of £7.9 billion ($10 billion) after growth in networks and consumer offset a decline in enterprise.
BT's total labour force, including employees and contractors, would be cut to around 75,000 - 90,000, slightly over 40%, from the current 130,000 by 2030, once the UK's biggest network operator finishes its nationwide fibre optic rollout, the group said.
After completing its fibre roll-out, digitising the way it worked and simplifying its structure, BT Group would rely on a much smaller workforce and significantly reduced cost base by the end of the 2020s, CEO Philip Jansen said.
The group's revenue was down 1% at £20.7bln and its free cashflow fell 5% to £1.3bln due to increased cash capital expenditure.
(Writing by Seban Scaria; editing by Anoop Menon)
