Aircraft engine manufacturer Rolls-Royce Holdings is set to cut 2,500 jobs as part of a cost-cutting exercise.
It's expected to impact on the global workforce with hundreds set to lose jobs in the UK.
It's the most significant steps taken to cut costs by new Chief Executive Tufan Erginbilgic, who took over at the start of the year.
The company, which makes engines for Airbus A350 and Boeing 787 planes, was hit harder during the pandemic as it was forced to raise capital from shareholders and axe 9,000 jobs.
The new cuts are likely to impact staff mainly in non-engineering roles.
According to Sky News, Mr Erginbilgic has described the company as "a burning platform" and said one of its main subsidiaries had been "grossly mismanaged", underlining his reputation as a plain-speaking executive.
The company remain £2.8billion in debt, despite slashing that by £500million at the start of the year after posting profits of £524million for the start of 2023. That's compared to a £111million loss for the same period last year.
FTSE 100
The UK's top share index, the FTSE 100, was down six-points at 7,624, shortly after opening this morning.
Brent crude futures were down 0.03% this morning at $89.62 a barrel.
Companies reporting today
Bellway is posting full year results.
BHP Group has a Q1 performance review.
Jupiter Money Fund and Moneysupermarket are reporting Q3 trading statements.