Jun 11, 2020

Centrica to cut 5,000 more jobs

Centrica is to cut a further 5,000 jobs as the lossmaking UK energy supplier seeks growth after several years of mass redundancies, profit warnings and dividend cuts were worsened by the coronavirus crisis. Centrica on Thursday said it hoped the latest restructuring would allow it to achieve that £2bn target one year early. Centrica has been hit hard in recent years by an explosion in competition within the UK energy supply market, as smaller rivals with lower cost bases have attracted customers with cheaper deals. Half of the 40-strong senior leadership team will depart by the end of August, including Sarwjit Sambhi, head of Centrica's "Consumer" unit, and Richard Hookway, head of Centrica Business. The GMB on Thursday vowed to "Fight for every single job", saying: "Slashing thousands more jobs is not the answer. You cannot just cut your way out of a crisis."

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