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.
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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.