Saturday, November 1, 2008

BT to axe thousands after shock profits warning

By Amanda Andrews Last Updated: 7:36PM GMT 31 Oct 2008

BT is expected to cut thousands of jobs worldwide in its Global Services division following a disappointing performance in the second quarter, forcing the telecoms group to sound a shock profits warning and raising doubts about the dividend.
BT Group Chief executive Ian Livingston has drafted in group finance director Hanif Lalani as Global Services chief executive with a remit to cut costs, following the resignation of Francois Barrault. BT has still to find a replacement for Mr Lalani, who will be assisted by Ray Leclercq, the chief executive of BT's Openreach and an experienced cost-cutter. Mr Leclercq will become chief financial officer of the troubled division.

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