BT to Cut 13,000 Jobs Over the Next Three Years
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BT Group Plc pledged to cut 13,000 jobs as part of a cost purge that failed to impress investors, who focused instead on the bleak sales outlook and lack of free cash flow growth, driving the stock down the most in 15 months.
The former phone monopoly, facing price cuts mandated by regulators, political pressure to invest in faster broadband and rising inflation, forecast a flat dividend and a 2 percent revenue decline next fiscal year alongside a drop in earnings and free cash flow, as it boosts spending on fiber.