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BT cuts 4,000 jobs ‘over next two years’

BT Group PLC said Thursday it will cut 4,000 jobs as part of a restructuring exercise and not pay its chief executive a bonus as it reported a fall in fourth-quarter pretax profit.

The U.K.-based telecommunications and TV provider said the job cuts come as it accelerates cost cuts in areas including global services, which provides communications services to businesses around the world.

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The company reported a pretax profit of GBP440 million ($568 million) for the three months ended March 31, down from GBP845 million the previous year, on revenue up to GBP6.12 billion from GBP5.57 billion.

The final dividend rises 10% to 10.55 pence.

BT said chief executive Gavin Patterson and outgoing finance director Tony Chanmugam won’t receive a bonus for the year ended March 31.

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