Humbled BT announces 4,000 job cuts, no exec bonuses and flat outlook

A tough year for UK telecoms giant BT has culminated in the announcement of 4,000 job cuts, a downgraded outlook and a massive remuneration cut for senior management.
The cuts seem to be a direct result of the SNAFU at BT’s Italian arm, which resulted in some hefty write-downs. BT expects to save £300 million over two years by losing those jobs but will take a charge of £300 million as a consequence, so it’s not clear how much that achieves other than symbolic punishment