BT cuts almost 8,000 jobs, profit rises 12% and the shares hit a five-year high

BT has cut almost 8,000 jobs since the end of March, the Guardian reports: the workforce fell by 7,731 to 90,000, excluding the international business being spun out with Verizon, down from about 130,000 including contractors two years ago. Most cuts hit Openreach as the fibre buildout slows, part of a drive to save £3.7bn by 2030. Pre-tax profit rose 12% to £1.1bn in the six months to September, and the shares jumped as much as 6% to a five-year high. Chief executive Allison Kirkby's pay package more than doubled to £5.6m last year, the biggest award to a BT boss in more than a decade; the shares are up more than 70% since she took over in February 2024. She also led the £400m takeover of TalkTalk, still under regulatory review. BT expects headcount between 75,000 and 80,000 by the end of the decade.