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British telecoms company BT has announced it will be cutting 10,000 jobs as a way to cut costs. The cuts are part of the company’s job losses in addition to the 10,000 it already cut last year. The global workforce for the company remains at 150,000.

BT’s share price has plunged from 235 pence to 81 pence in just over a year, following a series of bad financial results.

The company warned in October that the previous management of Global Services, which supplies telecoms and IT services to multinational companies and government bodies, had overestimated the profitability of some of its biggest contracts.

A spokesperson for the company said that the numbers were just speculative.

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Jeremy

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