Rolls-Royce set to lay off 2,500 staffers
With 42,000 employees, global giant is in cost-cutting drive
image for illustrative purpose
New Delhi: Global engineering giant Rolls-Royce has announced plans to sack as many as 2,500 jobs globally as part of a drastic cost-cutting exercise. Tufan Erginbilgiç, a former BP executive, took over as CEO of Rolls-Royce in January when he rocked the company’s employees by describing the iconic aircraft engine-maker as a burning platform whose operations were unsustainable.
The company employs 42,000 people worldwide with about half of the workforce based in the UK.
Rolls-Royce’s financial performance had plunged during the pandemic when airlines were grounded, but has improved over the past year, with global air travel bouncing back. However, the company’s focus on long-haul travel meant it has lagged behind rivals who make engines for short-haul planes, its share price has more than doubled since the start of 2023 -- albeit remaining short of its pre-pandemic level in 2019, according to a report in The Guardian.
Rolls-Royce did not divulge any details about the job cuts, but said it needed to engage with unions before making further announcements.
