UK telecom company BT plans to shed up to 55,000 jobs in latest tech layoffs

U.K. telecom company BT Group plans to shed up to 55,000 jobs by the end of the decade as part of an overhaul aimed at slimming down its workforce to slash costs. BT has 130,000 workers including both staff and contractors. The company said in its latest earnings report Thursday that the number would be reduced to between 75,000 and 90,000 by 2030. The CEO of the former state monopoly previously known as British Telecom said BT wants to rely on a "much smaller workforce and a significantly reduced cost base.” Tech and telecom companies have been cutting jobs as the industry undergoes a painful shakeup amid flagging economic growth and surging inflation.