Aviation giant Rolls-Royce announces sweeping job cuts as the coronavirus outbreak batters air travel

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Rolls-Royce Holdings Plc Chief Executive Officer Warren East’s five-year bid to revive earnings has been shattered by the coronavirus as the U.K. engineering giant moves to scrap 9,000 jobs and considers closing sites.

The jet-engine maker will cut 17% of its workforce and boost savings goals to contend with a travel slump that’s drastically shrunk the aviation market, according to a statement Wednesday. The plans are based on the assessment that the wide-body market will shrink by about a third from 2019 levels and take three to five years to rebound, East said.

“The impact of Covid-19 on global aviation

Read more    Source: fortune.com

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