By Jamie Dunkley Last Updated: 7:51PM BST 12 Apr 2009  The redundancies, which come on top of the 10,000 announced last year, are expected to be the first in a fresh wave of UK job cuts, with Lloyds Banking Group and glass maker Pilkington tipped to reduce their workforces over the coming weeks.  BT’s results are likely to be among the worst in the company’s history with a poor financial performance compounded by the cost of trying to plug, in part, its huge pension deficit.  The current management, including chairman Sir Mike Rake and chief executive Ian Livingston, is understood to be keen to get as much bad news out as possible when they announce the results on May 14 and some commentators predict the job cuts could go deeper than 10,000.  It is thought they will be spread across the company’s 160,000-strong global workforce.  BT has seen its share price fall from 235p to 81p in just over a year, following repeated rounds of bad financial results. It is expected to make up to £1.5bn of financial provisions next month, largely relating to its under-fire Global Services division.  The company first warned last October that the previous management of Global Services, which provides telecoms and IT services for multinational companies and government bodies, had overestimated the profitability of several of its most valuable contracts.  BT will also cut its dividend by about 60pc to help control its £11bn debt burden.  The company’s sufferings are by no means isolated. Lloyds Banking Group, which is majority owned by the Government, is also expected to announce a swathe of job cuts over the next few weeks, as the impact of the banking crisis continues to reverberate across the sector.  The group, which was formed after the merger of Lloyds TSB and HBOS, is likely to cut thousands of jobs, following heavy losses earlier this year and as part of the integration.  Hundreds of jobs are also under threat at the British operations of Pilkington, the Japanese-owned glass maker, amid falling demand for its products from the automotive and construction industries.  The company, which has already shed around 300 jobs in Britain this year, is looking to cut a number of additional posts understood to be in “the low hundreds”.
Telecoms major BT will make a &pound;1.5bn writedown, slash its dividend and cut    about 10,000 jobs when it reveals its preliminary results next month.