BT (LON: BT.A) is set to announce plans to 6,000 jobs worldwide in a new £500 million cost cuttings drive.

The telecoms giant is expected to reveal the news next Thursday alongside their annual financial results.

First revealed by the Financial Times, the company is attempting to rebuild confidence among investors following the Italian accounting scandal.

Chief executive Gavin Patterson will announce the group’s plans to cut around six percent of the company’s 98,000 global workforce. The additional cuts will result in 10,000 jobs cut in the last year.

If the plans take place, it will be the largest round of redundancies in almost a decade.

The group announced plans to cut 4,000 roles last May in order to save £300 million over the next two years.

The jobs affected are likely to be managerial and back-office personnel.

The most recent cost-cutting drive is in order to make up for the Italian accounting scandal, which cost the group £530 million to resolve.

Last month, boss Graham Sutherland stepped down allowing wholesale head Gerry McQuade to take control.

“I’d like to thank Graham [Sutherland] for all he has done for BT over the past 12 years. During his time as CEO of the businesses in Ireland and MD of BT Business, he materially improved the profitability and performance of those divisions,” said Patterson.

“Most recently as CEO of BT business and public sector he has successfully led the integration of EE business into BT and the turnaround of our public sector division. I wish him all the very best for the future.”