May 30, 2023
1 min read

Rolls-Royce set to cut costs

The company reportedly aims to merge its non-manufacturing departments in civil aerospace, defence and power systems divisions…reports Asian Lite News

Luxury car and jet engine manufacturer Rolls-Royce is reportedly planning to slash thousands of jobs, around 3,000 ‘non-manufacturing employees’, as it aims to cut costs and streamline operations.

According to The Times, the new CEO Tufan Erginbilgic, who described the company as a “burning platform” that needs to reform to survive, has roped in consultants led by McKinsey to guide on how to streamline the company.

“Plans to merge departments could cut 10 per cent of the company’s approximately 30,000 non-manufacturing staff,” the report noted, citing sources.

The company reportedly aims to merge its non-manufacturing departments in civil aerospace, defence and power systems divisions.

“Currently, white-collar roles in legal, marketing, human resources and other departments operate separately,” the report noted.

The Rolls-Royce’s headquarters in Derby are likely to be hit hardest by the cuts.

“We are working at pace on our transformation across a number of work streams and only one part of one of those work streams is about realising organisational efficiencies,” a company spokesperson said in a comment.

“We have made no decisions whatsoever on any potential impact on employees and any suggestion otherwise is pure speculation,” the spokesperson added.

Established in 1904 in Manchester by the partnership of Charles Rolls and Henry Royce, Rolls-Royce was a luxury car maker and later entered into aero-engine manufacturing business.

ALSO READ: Why foreign investors still love India?

Previous Story

Qualcomm India to empower 8 women-led startups

Next Story

Positive work environment better output

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Rolls-Royce unveils its electric car

The ordered Spectres will start being delivered to Korean customers

Rolls-Royce’s scholarship programme for women students

The scholarship is open to all women students enrolled in