Britain’s Royal Mail announced on Thursday that it will axe 2,000 management jobs to cut costs amid the challenges of the corona pandemic.
THE REVENUE DROPPED £29 MILLION IN THE FIRST TWO MONTHS
“We’re taking immediate action on costs, which will result in a £130 million [$161.8 million] saving in people costs next year and flat non-people costs,” Keith Williams, interim executive chair of the UK postal service, said in a press release.
He added that this comes along with “a reduction of around £300 million in capex [capital expenditures] across the Group over the next two years, to address the immediate impact of coronavirus.”
The postal service is planning its largest reduction in senior executive roles and non-operational functions.
Its revenue dropped £29 million in the first two months of this year on an annual basis, according to the press release.