BT on Thursday said it would axe 15,000 jobs, more than expected, and cut its final dividend by nearly 60 per cent – the first reduction in seven years – after an “unacceptable” performance at Global Services, the UK telecoms group’s troubled IT services division.

The cut means the final dividend is just 6.5p, in line with analysts’ expectations and some 59 per cent lower than in 2007-08.