Saturday, 19 October, 2019

BT to cut 13000 jobs and leave London HQ

BT to cut 13000 jobs and leave London HQ BT to cut 13000 jobs and leave London HQ
Russell Knight | 10 May, 2018, 14:45

"We recognise that it is going to affect a lot of people, but ultimately we need to do these things to ensure that we remain a competitive business going forward and that we can benchmark our performance against peer companies", he told reporters.

Analysts at Bernstein called the earnings report "disappointing".

BT chief executive Gavin Patterson is under pressure from investors to improve the company's stock performance, which has nearly halved over the last two years.

Philippa Childs, national secretary at trade union Prospect, which represents many of BT's United Kingdom workers, said the scale of the cuts was greater than had been speculated before the announcement.

On the flip side, Britain's biggest telecoms operator said it would hire about 6,000 front line engineers, customer service and cybersecurity experts.

BT said the move out of St Paul's formed part of a plan to cut the number of locations it owns across the UK. BT's expansion into television was an attempt to defend its customer base.

Army officers fire off Rustom notice
The notice has also been sent to auction house SaltScout, which has put out the naval officer uniform for online bidding. The Bollywood couple has claimed that the money raised from the auction would be used for social causes.

Royal Bank of Scotland to pay $4.9bn USA subprime fine
Citigroup reiterated a "neutral" rating on shares of Royal Bank of Scotland Group in a research report on Monday, February 12th. Chancellor Philip Hammond said previous year that he was reluctant to sell shares while the DoJ probe had still to be resolved.

Teva Pharmaceutical Industries (TEVA) Set to Announce Quarterly Earnings on Thursday
The earnings growth rate for the next years is an important measure for investors planning to hold onto a stock for several years. On Thursday, February 15 the stock of Teva Pharmaceutical Industries Limited ( NYSE : TEVA ) earned "Buy" rating by Mizuho.

The company is hoping to cut costs by around £1.5 billion by the third year of its revamped strategic plan. The restructuring will cost 800 million pounds to implement. Capital spending on ultrafast broadband and mobile infrastructure is due to rise to £3.7bn for the next two years, compared with £3.5bn last year.

The new strategy is the latest throw of the dice from Patterson who won early plaudits from investors when he moved BT into sports TV and mobile.

The company has been dealing with the aftermath of an accounting scandal at its Italian division, which resulted in a £530 million write-down and a major fall in its share price past year.

BT also agreed a new 13-year funding plan for its pension, which had a deficit of 11.3 billion pounds at the end of June. It will pay £2.1 billion into the scheme by 2020 and a further £2 billion will be funded by the issuance of bonds.

BT said its outlook for the current financial year, to end-March, would see a 2% drop in underlying revenue, while adjusted core earnings would be in the range £7.3 billion-£7.4 billion, down from £7.5 billion in the last year.

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