British Telecom: Crunch, crunch, crunch

When accountants run a company, costs are supposed to be under control. It’s not happening at BT, if the telecom group’s shock profit-warning is anything to go by. Costs efficiencies haven’t materialised at BT’s much heralded Global Services growth engine and division head Francois Barrault has resigned. Add that to worries about how the credit crunch is pinching BT elsewhere, and no wonder investors are running scared. BT used to be run by big-thinkers Chairman Sir Christopher Bland and chief ...