BT to cut 13,000 jobs, leave London HQ

LONDON: BT is cutting 13,000 managerial and back-office jobs and leaving its London headquarters in the latest attempt by Britain’s biggest telecoms group to rebuild after an accounting scandal and downturn in trading. Chief Executive Gavin Patterson sought to keep shareholders on side by maintaining its dividend and agreeing a new pension funding plan as part of an attempt to modernise the former state-owned telecoms monopoly. Patterson, in the role since 2013, said the restructuring, which comes after a tough 2017, would focus on the essential services needed by consumers and businesses.— Reuters