After the news of layoffs from Vodafone came, there was fear about the signs of recession. Now the news that came from British land is really scary. Britain's giant and largest broadband and mobile provider BT Group said on Thursday that it would reduce its total workforce, including contractors, by 55,000 by the end of the decade i.e. by 2030. According to the company's boss Philip Jansen, work is being done on transformation to create a national fiber network.
There will be 75 to 90 thousand employees
He added that after completing the fiber roll-out, digitizing the way it works and simplifying its structure, BT will rely on a reduced workforce and a lower cost base by the end of the decade. He said on Thursday that the new BT Group would be a small business with a bright future. According to Philip, the total number of Group employees will fall from 130,000 to between 75,000 and 90,000 by the 2030 fiscal year. By that time the construction of its full-fibre network will be completed.
Increase in revenue
Giving information about the financial results, Johnson said that BT has made good progress despite the volatility in the economy. Core revenue rose 5 percent to £7.9 billion ($10 billion) on the back of network growth, but free cash flow fell 5 percent to £1.3 billion due to an increase in cash capital expenditure.
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Shares of the company fell by 9 percent
Since this decision, the shares of the company have opened with a fall of 9 per cent. At present, the company's stock is trading at 137.60 GBX with a decline of more than 7 percent. Today the company's stock opened at 135.50 GBX. GBX is actually one hundredth of a pound. Earlier, on behalf of Vodafone, it has been decided to remove 11 thousand employees in the next 3 years.
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