Rolls-Royce Holdings PLC (LSE:RR.) plans to cut roughly 2,500 jobs as part of CEO Tufan Erginbilgic’s cost-savings initiative at the UK jet-engine maker, Sky News reported.
The cuts, expected as soon as Tuesday according to unnamed sources close to the situation, would be the biggest at Rolls-Royce since the Covid-19 pandemic when airplanes around the world were grounded.
The writing is thought to have been on the wall for months after Erginbilgic hired consultants to deliver recommendations on streamlining the company.
Erginbilgic took the reins as CEO at the beginning of 2023, and at the time he referred to Rolls-Royce’s cash flow and profit as a “burning platform.”
Shares of Rolls-Royce climbed 0.1% in London on Monday.
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