Engine manufacturer Rolls-Royce (LON:RR.) has announced that it will be cutting 4,600 jobs, mainly situated in the UK, in a bid to cut annual costs by around £400 million. The majority of the losses will be among support staff and management, in particular those where there is a large overlap between the business’s HQ and various other units.
The company is aiming to complete the cuts by the end of 2018 and expect that the short run restructuring costs will be around £500 million. Management also denied that the move is related to faults in the Trent 1000 engine series. Shares in Rolls-Royce were up by 3.69% to 859.20p at 1230 BST.