British telecommunications company BT has announced plans to cut 4000 jobs worldwide over the next two years. The restructuring plan is the result of the 19% fall in profits to £440 million (€470 million). As a consequence of the big decline in annual profits, the company's chief executive and former finance director will lose their annual bonuses. 

The cuts will be spread across Global Services, Technology, Service and Operation division and Group Functions. Managerial and back-office roles will be the positions mostly affected.

 The company has operations in around 180 countries with more than 102,000 employees.