Breaking

Rolls-Royce announces 4,600 job cuts

Latest news

    Breaking News image

    Rolls-Royce is to cut 4,600 jobs over the next two years as part of a restructuring programme.

    Middle managers and back-office staff are to bear the brunt of the cuts, which are expected to hit its Derby base hard.

    The engineering firm is refocusing its business on civil aerospace, defence and power systems.

    About a third of the job cuts are expected to happen by the end of this year, Rolls-Royce said.

    The programme is expected to continue throughout 2019, with full implementation by mid-2020.

    Rolls-Royce said that the programme would save it £400m a year by the end of 2020.

    Chief executive Warren East said: “Our world-leading technology gives Rolls-Royce the potential to generate significant profitable growth.

    “The creation of a more streamlined organisation with pace and simplicity at its heart will enable us to deliver on that promise, generating higher returns while being able to invest for the future.”

    Chris Williamson, Labour MP for Derby North, said the job cuts were “a damning indictment” of the government’s hands-off industrial policy.

    “Currently we have private shareholders directing the fate of some of Britain’s most premier firms, with total disregard for the economic needs of the country. The government has to intervene,” he said.

    In February 2017, the jet engine-maker reported a record loss of £4.6bn.

    In June 2017, Rolls-Royce cut a deal with unions to safeguard 7,000 front-line engineering jobs in the East Midlands for five years and invest in UK aerospace facilities.

    View the original article: https://www.bbc.co.uk/news/business-44479410

    https://www.bbc.co.uk/news/business-44479410

    In the same category are

    The Papers: Defiant May and plastic ‘polluting’ people By BBC News Staff Image caption The developments in the government's Brexit negotiations continue to generate headlines. The Commons debate on There...
    Usain Bolt deal with Central Coast Mariners ‘would require financial assistance’ Bolt scored twice for the Central Coast Mariners in a friendlyEight-time Olympic sprint champion Usain Bolt is "unlikely" to sign a deal with Central...
    Arsenal 3-1 Leicester City: Ozil turns in stunning display for Gunners Mesut Ozil (right) is now the highest scoring German player in Premier league history with 30 goalsMesut Ozil produced one of the best midfield displ...
    Donald Trump: US will build up nuclear arsenal Image copyright Getty Images Image caption Mr Trump says Russia has violated the Intermediate-Range Nuclear Forces treaty, which he has threatened to ...
    Cristiano Ronaldo rape allegation: Juventus forward says ‘lawyers confident’ I am always smiling, a happy man - RonaldoCristiano Ronaldo says his "lawyers are confident" and "the truth is always coming" as he answered question...
    US teen is new Tetris world champion Image copyright Classic Tetris World Championship Image caption Joseph Saelee and finalist Jonas Neubauer at the contest.A 16-year-old boy from Califo...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.