BT announce 2,300 job cuts

Telecoms group BT today announced plans to shut Concert - its joint venture with US giant AT&T - in a move which will see up to 2,300 jobs lost.

The long-awaited unwinding of the heavily loss-making arm will bring to an end a four-year joint venture, and will see Concert’s assets divided between the pair.

BT chief executive Peter Bonfield said: "Since Concert was conceived as an international venture, the global marketplace in our sector has changed out of all recognition and we need to change with it.

"Clearly there will be substantial costs associated with an unwind but this solution gives BT a better way forward than the status quo."

He said the priority now was to eliminate the losses in its returned business.