Following the publication of the second quarter and half year results to September 30, 2008 it seems that BT is to slash some 10,000 jobs before March next year.
That is equivalent to some 6 percent of it's global workforce, and I understand that most are likely to be found in the shape of contractors and temporary workers along with offshore workers. 4000 staff have already been axed, which leaves plenty of others wondering they will make up the remaining 6000.
BT Chief Executive, Ian Livingston, admitted that profits in BT Global Services "are simply not good enough and we are taking decisive action to put matters right."
Not good enough, indeed. Profits fell by 11 percent in that second quarter. Of course, the markets work in mysterious ways, and news of the impending job cuts boosted the BT share price which shot up by 12 percent as a result.
Might I suggest that the entire team responsible for the secret Phorm trials gets the chop?