Royal Mail announces 2,000 job cuts as group battles to slash costs

Royal Mail announces 2,000 job cuts to slash costs by £130m next year after group’s profits tumble amid coronavirus crisis

Around 2,000 jobs are being cut at Royal Mail as the group announced a management overhaul to help slash costs in the face of the coronavirus crisis.

The restructuring plans will affect around 2,000 roles and see it save £130million in staffing costs next year as it reported a 31 per cent fall in annual profits. 

The company  said it was also cutting £300 million in capital spending across the group over the next two years.

Royal Mail’s chief executive Rico Back stepped down last month after a year of battles with unions over a £1.8billion restructuring plan.

More to follow 

A Royal Mail postman empties a postbox in Glasgow during the coronavirus crisis on April 1