BT Group, the UK’s largest broadband and mobile services provider, plans to cut 55,000 jobs, including contractors, by 2030. The company is taking about 40 percent of its total workforce on disruptive leave to upgrade its fiber network infrastructure and adopt new technologies like AI.
The company is working to build a national fiber network as well as launch high-speed 5G mobile services under Chief Executive Philip Janssen, Reuters reported.
He said that in the financial year of 2030, the total number of employees of the company will decrease from 130,000 to 75,000 to 90,000. About 30,000 of the current workers are contractors.
But Janssen also said, ‘After completing the fiber network, digitizing operations, using artificial intelligence or AI, the organization will need fewer workers. By the end of the 2020s, the cost will also come down a lot.
BT Group on Thursday reported its first increase in revenue and core earnings in six years for the fiscal year ended March this year. However, the company’s cash flow has been reduced due to business restructuring expenses. Which negatively affected the BT Group. As a result, its stock price fell by more than 8 percent at the start of trading.