British Telecom (BT), perhaps the world's biggest telecom company, will reduce 10% of its labour force after posting a full year loss of more than $250 million.
The 15,000 jobs by British Telecom this year. This is already on top of the 15,000 jobs lost in 2008-2009.
The company is attempting to rein in costs after reporting its first yearly loss in almost a decade.
BT became a private company 25 years ago and now has operations in more than 160 countries.
40 per cent of its revenue comes from its global services division.
The CEO stated that many international customers had slashed their telecom spending during the credit crunch.
The company has emphasised to shareholders that the downturn had blown a massive hole in the group's pension fund, which is the largest private sector superannuation scheme in the UK.