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BT Preps Staff Cull

9:30 AM -- A major staff reduction is expected to be announced at BT Group plc (NYSE: BT; London: BTA) when the carrier presents its second-quarter report, according to a story in The Times.

BT announced in May that the corporate restructuring process unveiled a month earlier would cost £450 million, with all those charges to be accounted for in its 2007-2008 financial year that began on April 1. (See 'New Wave' Keeps BT on Track and BT Revamps, Creates New Units .)

The Times reports that analysts at Citigroup are expecting BT to announced thousands of job losses as part of that restructuring during the carrier's earnings presentation on November 8.

— Ray Le Maistre, International News Editor, Light Reading

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