BT sheds 18,000 more jobs as cost cuts lift earnings

British telecoms company BT has announced the elimination of an additional 18,000 positions since March, as part of its cost-cutting strategy. The company's workforce dwindled from 108,000 to 90,000 over the half-year period ending March 31, marking an 11% decline year-on-year. This reduction primarily stems from a decrease in staffing needs within the Openreach division, following the completion of its fibre network build, and as part of a broader effort to slash billions of pounds in costs by 2030.

Despite these job cuts, BT's pre-tax profits surged by 12% year-on-year to £1.1 billion for the six months leading up to September 30. The telecoms giant declined to provide further information on its plans for TalkTalk, citing regulatory requirements to maintain the firm's independence during the competition assessment process.

BT stepped in to save TalkTalk's consumer division and PlatformX Communications after the company failed to find buyers for these units. This rescue secured the telecommunications services for 2.5 million households and essential public services like hospitals and schools. The UK Culture Secretary, Lisa Nandy, intervened by invoking a Public Interest Intervention Notice, compelling the Competition and Markets Authority (CMA) to expedite its investigation into the deal.

BT had previously announced plans to increase its cost-saving targets by £700 million and extend its restructuring program by a year, with the workforce expected to shrink to around 75,000 by 2030, including the international division.