BT cuts chief’s pay by £4m, plans 4K layoffs in shakeup

May 11, 2017, 7:34 AM EDT
(Source: Mac McCreery/flickr)
(Source: Mac McCreery/flickr)

Telecoms giant, BT, has announced a major overhaul that would see the company cutting down 4,000 jobs over the next two years as it streamlines its Global Services operations.

The move comes after BT suffered a loss of £500m owing to an accounting scandal at its Italian operations, writes the BBC.

BT’s chief executive, Gavin Patterson, bore the brunt of the scandal as the company scrapped bonus payments, which eventually slashed his pay package by £4m for the year, notes The Guardian.

Amid speculations of a selloff, BT said it is conducting a strategic review of Global Services division and would consider sale after turning the fortunes.