BT Group Cutting Workforce by 10,000

BT Group, a United Kingdom broadband and telecommunication provider, will reportedly cut 10,000 jobs from its workforce. This is the second time in 2009 that BT Group is expected to cut jobs. In 2008, it was estimated that the company employed more than 100,000 people around the world.

BT Group Job Cuts (Image: Flickr)

Since last year, the company’s stock price has plummeted. With shares down nearly 75%, it’s no wonder that BT Group is doing everything they can to survive the global economic recession. This news of job cuts was originally reported by The Sunday Times of London. When contacted to confirm or deny the news, BT Group declined comment.

Most experts believe that the Global Services division is the division that is causing the company to struggle. They were dealing with major companies from around the world but with so many companies struggling, they are starting to see negative returns in some areas. At their peak, it’s believed that BT Group had a presence in more than 160 countries around the world.

BT Group, which was previously known as British Telecom, can trace its origins back to the mid-1840s.