BT's share price fell almost 10 per cent this morning as the telecoms giant revealed plans to cut 13,000 jobs and quit its London headquarters as the telecoms giant looks to cut costs.
The company said the job losses would mainly affect back office and middle management roles, with two thirds of the cuts set fall on United Kingdom staff.
BT's headquarters near the London Stock Exchange will be closed, although it will still maintain a smaller presence in London at a location yet to be decided.
BT said on Thursday, along with its annual results, that it would shed the jobs over the next three years as it looks to slice off an extra £1.5bn in costs.
The group also said it would be hiring about 6,000 new staff, primarily in customer service and engineering.
About two-thirds of the job cuts will fall on its United Kingdom workforce of about 80,000, with the remainder coming from the 18,000 staff it employs internationally.
As per the reports, the share of BT have slided down by 8% in London.
BT chief executive Gavin Patterson is under pressure from investors to improve the company's stock performance, which has nearly halved over the last two years.
"We need to ensure we are competitive in the future, that we can deliver products and services for our customers at the right price", he told reporters.
"We are also concerned that cutting such a large number of roles will inevitably impact those who remain in BT and could lead to work being pushed down to employees in lower grades".
The former telecoms monopoly fell as much as 9.6% in early trade on Thursday, the most in 15 months, after forecasting that underlying revenue will drop 2% in the next fiscal year and adjusted earnings will be come in at least 1.3% below the £7.5bn reported on Thursday in full-year results.
In a statement to Newstalk.com, BT Ireland says: "There are no details at this stage of either the reduction in roles, or the new jobs, we have announced today".
The shares, down 22 percent this year, are trading at levels last seen in 2012.
Prime Minister Theresa May's official spokesman said: "This is a commercial decision taken by BT, but of course we understand that this will be an uncertain time for its employees and for their families".
"I think it's important to note from BT's announcement that it is planning to recruit 6,000 new staff, in particular engineers, apprentices and graduates to help improve infrastructure, customer services and cyber security".