With the UK halfway into a financial crisis, in the view of many analysts, we are also halfway into job cuts and cost reductions. BT has announced it plans to slash 10,000 jobs worldwide: six percent of its workforce.

As reported previously on this blog, the telco announced an 11% fall in Q2 profits, blaming poor performance by its Global Services division.

With 6,000 BT jobs due to go by April, principally among the company's UK direct workforce, many will point the finger at the Services unit. CEO Ian Livingston has denied any blame lies with Global Services and maintains that, wherever possible, the cuts will be made by not filling vacated posts.

That said, turning around Global services will doubtless involve a mixture of building a more efficient, targeted business – and cutting costs and jobs.

Meanwhile, the eurozone has entered recession for the first time in its history, with Germany – one of the twin engines of the European economy – joining the downward slide.

The strength of Indian offshoring, however, stands as a useful sounding board for the weakness of the home economy, with Genpact (among other providers) reporting strong financial results.