BT is cutting 13,000 managerial and back-office jobs and plugging its pension black hole, while placating shareholders by maintaining its dividend, in the latest restructuring by Britain’s biggest telecoms group.

The new strategy from Chief Executive Gavin Patterson comes after the group reported a 3 percent drop in fourth-quarter revenue to 5.967 billion pounds, just missing analysts’ expectations, while core earnings came in at 2.083 billion pounds, up 1 percent.