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BT to cut 4000 jobs in restructuring after 'challenging year'

BT to cut 4000 jobs in restructuring after 'challenging year'

"The cuts involve scrapping bonuses for chief executive officer Gavin Patterson and former chief financial officer Tony Chanmugam for the 2017 fiscal year, BT said on Thursday as it released fourth-quarter results that narrowly beat analysts" estimates.

The Italian scandal means that BT's senior management have been unable to sign off the last year's accounts under the US Sarbanes-Oxley Act.

An accounting scandal at the Italian part of Global Services had rocked the business world with reports that it could cost BT more than £500m.

In a further upheaval, the unit's chief executive Luis Alvarez will leave the group, to be replaced by Bas Burger.

Mr. Patterson will receive GBP1.3 million for the period, down from GBP5.3 million the previous year, while Mr. Chanmugam's total payment falls to GBP258,000 from GBP2.8 million.

"The committee has made a number of hard decisions this year in light of these circumstances and exercised its discretion accordingly".

In its latest financial results, the telecoms giant filed profits of £2.4bn, but added that it had endured a challenging year.

The telecoms giant said the posts would be going in back-office and managerial sectors as it simplifies its Global Services operations.

Shares fell 1.47% to 307.30p in early trading.

The fine came as BT agreed a deal to legally separate Openreach from the rest of the group following two years of fraught negotiations with Ofcom.

A £15 million charge linked to the costs of investigating the Italian accounting irregularities was also reflected in the results.

Although shareholders will receive a 10% higher final dividend of 10.55p, future dividend growth outlook has been reduced below previously forecasted 10%.

Patterson said he needed more clarity on changes regulator Ofcom has proposed to the pricing of some of the most popular superfast broadband services before he could offer a view on 2018/19.

"Overall, it has been a tough year for BT", he said.

"We have also taken steps to enhance the wider controls that monitor our overseas operations in our shared service centres, Global Services and at a group level", said the company.


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