BT to leave London HQ and axe 13,000 jobs
BT has announced plans to close its London headquarters of 144 years and axe around 13,000 jobs in a bid to make savings of £1.5bn. The new strategy is to focus on delivering new customer experiences and driving loyalty by converging product offerings and accelerating the rollout of superfast broadband and 5G. The company has allocated an increased £3.7bn a year for FTTP and mobile infrastructure investment, and expects to hire around 6,000 new staff primarily in customer service and engineering. Two-thirds of the 13,000 redundancies will be for UK staff, mostly in back office and middle management roles. BT has had a difficult 18 months following an accounting scandal which cost over half a billion pounds to clean up. The telecoms giant reported profits of £7.5bn, down 2%, and revenue down 1% to £23bn in the last financial year.