Patterson added: "BT delivered a solid set of financial results in the fourth quarter, with growth in our consumer divisions offset by declines in our enterprise businesses, due to both challenging market conditions and our decision to exit lower margin business".
The job cuts, the highest number by the former monopoly since 2008, will save 1.5 billion pounds in costs in three years, the company said.
BT is to cut around 13,000 jobs over three years in an effort to cut costs.
Mr Patterson said that around two-thirds of the job cuts would take place in the United Kingdom, while one third would impact operations overseas. "BT shares are down sharply but remain cheap on most valuation models and a dividend of yield of over 6% is compensation for risk involved in making Gavin Patterson's grand plan work".
"Many of the roles that BT is proposing to cut are highly skilled professionals and the loss of that expertise could impact BT's research and innovation capability".
Iran deal withdrawal, other global issues risk higher oil prices - Goldman Sachs
Worldwide agencies responsible for inspecting compliance have said that Iran was in full cooperation with the agreement's terms. Back in March, Saudi Crown Prince Mohammed bin Salman says his country will develop a nuclear bomb if Iran does so.
More than half of these new jobs had already been announced by Openreach, BT's broadband infrastructure standalone subsidiary. It will, however, seek to hire about 6,000 new employees for customer services and network deployment.
As for BT Centre, group chief financial officer Simon Lowth said: "We'll be looking at all options for the best future for that particular site, so (we're) very early in the process".
"If we are compared with our peers we are frankly too complex and overweight", Patterson said.
Its headquarters near the London Stock Exchange will be closed, although it will still maintain a smaller presence in London at a yet to be decided location.
"While I recognise the pain, ultimately it is the right thing to do for the business".
'Multiple fatalities' in Maryland shooting, suspect at large
Officers breached the front door at 11 p.m., with Snyder still on the phone with negotiators, prompting Snyder to hang up. American held captive his wife, then he shot three people, and after a seven-hour standoff with police killed himself.
The company also announced a 13-year plan to correct its £11.3bn pension fund deficit through regular payments and a bond issue.
The final salary scheme, closed to new members in 2001, had been the UK's largest private sector pension with a total of more than 300,000 members including retirees and ex-employees.
The strategy comes after the group reported a 3 percent drop in fourth-quarter revenue to ￡5.967 billion, just missing analysts' expectations, while core earnings came in at ￡2.083 billion, up 1 percent.
"This plan will help BT become a leader in converged communications; continue to power the UK's digital economy; and drive greater value for shareholders", the company said in a statement.
BT was also previous year hit by a £42 million fine from regulator Ofcom, plus a £300m compensation bill, for its failings around "deemed consent" in its Openreach division.
China slams US's 'Orwellian nonsense' jab on its Taiwan push
Taiwan is China's most sensitive territorial issue, with China considering the self-ruled, democratic island a wayward province. She said the Trump administration is calling on China "to stop threatening and coercing American carriers and citizens".
- Buffalo high school ranked best in Upstate New York, 17th in state
- Fake Indian 'space men' arrested over NASA scam
- How the 2018 budget impacts hospitality
- Manchester City break Premier League points record
- Ronaldo subbed off due to injury
- IPhone with Triple-Lens Rear Camera will launch in 2019
- Armenia elects protest leader as prime minister
- Warren Buffett on Bitcoin: 'It's Probably Rat Poison Squared'
- Calif. is first state to require solar panels on new homes
- Nintendo Switch online service adds cloud saves, 20 NES games for subscribers