Rolls-Royce to slash thousands of jobs in latest restructuring

Engine giant Rolls-Royce, which has booked sizeable losses on its marine business in particular, will eliminate thousands of jobs in latest restructuring. The marine business is still under review for potential sale.

Rolls-Royce Holdings Plc will eliminate 4,600 jobs in Chief Executive Officer Warren East's biggest step yet to overhaul the UK jet-engine manufacturer and save more than half a billion dollars a year.

Around one-third of the staff cuts will occur by the end of 2018, the London-based company said Thursday in a statement. The annual cost-savings goal of GBP 400 million pounds (USD 533 million) is targeted by the end of 2020, the company said, confirming a Bloomberg News report on Wednesday.

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