BT in trouble as shares crash

Shares in BT have fallen by around 20% as the result of the company admitting that its performance in its global services division has been poor. As a result, Francois Barrault, the head of the global services division has resigned, according to the BBC website.


According to the groups' chief executive, Ian Livingston, the results, "...are particularly disappointing," and that the £120 million that BT had earned for the first quarter was, "significantly below expectations. We acknowledge that the performance in this part of the group is unsatisfactory and are committed to taking decisive action to rectify the situation."


Cazenove, an analysts group, commented on the results. They said that BT was more than likely to remain in a depressed state for some time to come, especially in the current economic conditions. In fact, Cazenove were concerned that, because of the credit crunch, BT's future performance would suffer over the long term.


Click to read the BBC story


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