Jun 25, 2020

City Bulletin: Royal Mail to cut 2,000 management jobs in latest overhaul

Royal Mail will cut 2,000 management jobs as part of a three-step plan laid out by interim boss Keith Williams to turn the postal service round. Mr Williams, who became interim executive chairman after the company abruptly parted ways with chief executive Rico Back last month, said Royal Mail would make £130m in savings on its wage bill next year and would spend £300m less on capital projects over the next two years. He also said the group would step up the pace of operational change and work to "Underpin" the universal service obligation - which requires Royal Mail to deliver to every address in the UK, six days a week for a standard price - to ensure it "Reflects user needs and is modern, contemporary and sustainable". Royal Mail reported a pre-tax profit of £180m for the year to March, down 25 per cent from the previous year. The London Stock Exchange Group has recruited Anna Manz as chief financial officer, replacing David Warren, who announced last year his plans to step down from the group.

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