Rolls-Royce is gearing up to slash hundreds of jobs as a low oil price batters its marine division.
The firm is expected to undergo a company-wide structure shake-up in the wake of its fifth profit warning.
Company boss Warren East is expected to oversee a cull of middle management positions and push improvements to its “management information” systems.
A source told the Sunday Times, “He will decide what the structure should be. Then the number of staff will flow from that.”
The company’s fifth profit warning comes in the space of two years. Rolls-Royce is expected to skim the bottom end of financials projections – £1.3billion.
The profit warning sent its shares 513.5p, less than half the level two years ago.
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