BT chief executive Gavin Patterson has axed 13,000 jobs and its City headquarters in an attempt to cut links with the former national monopoly’s public sector past.
He revealed a £1.5bn cost-cutting plan designed to modernise BT and buttress its shaky finances. BT allayed investor fears of a sharp cut to returns with a pledge to maintain its dividend for the next two years.
The groups will leave its central London headquarters in St Paul’s, where it has been headquartered since 1874 when the group was known as the General Post Office, as part of a wide-ranging restructuring.
