DT to cut costs by USD4bn in four years

German telecoms group Deutsche Telekom (DT) plans to cut administrative costs by around EUR3 billion (USD4.083 billion) by 2018, reports Manager Magazin. DT has brought on board consulting firm McKinsey to identify areas for savings and will implement a new strategy dubbed Build an Efficient and Smart Telecom (BEST). Under the initiative DT will reportedly look to pool its European resources into a single ‘pan-European network of existing control and management functions,’ a spokesperson for the group was quoted as saying.