Rolls-Royce Holdings plans worldwide job cuts, hundreds of UK employees potentially affected
Rolls-Royce (OTC:RYCEY) Holdings, the world’s second-largest aircraft engine manufacturer, is reportedly planning a significant reduction in its global workforce, which could affect hundreds of its UK employees. Sky News reported on Tuesday that the blue-chip engine maker intends to cut approximately 2,500 staff worldwide as part of a cost-reduction strategy implemented by CEO Tufan Erginbilgic.
Since Erginbilgic’s appointment in January, Rolls-Royce has experienced a robust recovery. The company has managed to counteract inflationary pressures through tight management of its cost base. This latest move appears to be a continuation of that strategy, although the company has not yet responded to these reports.
Earlier this year, a May report from the Sunday Times had forecasted that Rolls-Royce was planning to reduce its non-manufacturing staff by approximately 3,000. However, at the time, Rolls-Royce denied making any decisions concerning such workforce changes.
