I know 55k is a huge number but not all of that will be layoffs. Most of it will come from attrition and people retiring. BT will just stop backfilling positions. In all honesty, I'm more scared of that than being affected. That means that the rest of us will have to pick up much more work for the same pay. That will be interesting, to say the least.
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And look at that, I was right:
https://www.bloomberg.com/news/articles/2023-05-19/bt-s-job-cuts-may-require-few-layoffs-thanks-to-attrition-rate