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The telecommunications firm has made the decision after revealing a loss of £134 million in the year to March 31st.
Many of the losses are to come in the company's global services operations, which it is in the process of restructuring after having to issue a £1.5 billion write down on the arm last year.
Chief executive of BT Ian Livingston described the performance of the unit as "unacceptable", but added that its remaining three divisions had done well.
Adjusted profit before tax for the year fell 21 per cent to £2.08 billion, despite a three per cent rise in group-wide revenues, which climbed by £21.4 billion.
Mr Livingston added that the company intends to cut costs by "well over £1 billion" in the present financial year.
Insurance business Legal & General recently revealed a similar move, announcing it is shedding 560 workers.
