Rolls-Royce to axe up to 2,500 jobs in bid to cut costs

Rolls-Royce has announced plans to axe up to 2,500 jobs globally to create a "more efficient and effective" company.

Rolls-Royce, which makes engines for aircraft, is based in Derby but employs 42,000 people around the world.

It was hit hard by the pandemic when air travel was grounded for months and it axed 9,000 jobs.

The company was also forced to raise billions of pounds worth of funding to support the business through Covid.

Mr Erginbilgic, a former executive at oil giant BP, took over running Rolls-Royce from Warren East, but when he started at the company he told staff the company's performance was "unsustainable".

Announcing the latest cost-cutting plans, Mr Erginbilgic said: "We are building a Rolls-Royce that is fit for the future.

"That means a more streamlined and efficient organisation that will deliver for our customers, partners and shareholders."

Rolls-Royce did not give details of where the job cuts will fall, but reports have suggested that hundreds of UK posts will be affected.