A major automaker has axed 2,500 jobs in order to save money, putting hundreds of UK-based employees at danger.<\/p>\n\n\n\n
Rolls-Royce Holdings, the carmaker’s aviation engine division, is said to be reducing positions as part of a cost-reduction campaign.<\/p>\n\n\n\n
Sky News says that the Derby-based company is cutting jobs throughout its global operations.<\/p>\n\n\n\n
Hundreds of UK-based employees are likely to be among those affected.<\/p>\n\n\n\n
Tufan Erginbilgic, the company’s CEO, is apparently attempting to decrease duplication and cut expenses throughout the company’s global operations.<\/p>\n\n\n\n
He earlier referred to the company as “a burning platform,” adding that one of its companies was “grossly mismanaged.”<\/p>\n\n\n\n
It comes as Rolls-Royce’s business has soared as passengers return to the air following the pandemic’s devastation.<\/p>\n\n\n\n
Pre-tax profits during the first six months were \u00a31.4 billion, compared to a \u00a3125 million loss the previous year. The net profit was \u00a3673 million.<\/p>\n\n\n\n
Large engine flying hours have increased by more than a third year on year, returning to 83% of pre-pandemic 2019 levels.<\/p>\n\n\n\n
This contributed to Rolls receiving 240 large engine orders in the first half of the year, up from 96 the previous year.<\/p>\n\n\n\n
When Boss Erginbilgic took over as CEO at the beginning of the year, he initiated the turnaround plan.<\/p>\n\n\n\n
The strategy, he stated, “started well with progress already evident in our strong initial results and increased full year guidance for 2023” .<\/p>\n\n\n\n
However, he added: “There is more to do to deliver better performance and to transform Rolls-Royce into a high performing, competitive, resilient, and growing business.”<\/p>\n\n","protected":false},"excerpt":{"rendered":"
A major automaker has axed 2,500 jobs in order to save money, putting hundreds of UK-based employees at danger. Rolls-Royce Holdings, the carmaker’s aviation engine division, is said to be … <\/p>\n