British Rolls-Royce prepared to cut thousands of jobs

Britain’s best known engineering company, Rolls-Royce, is looking to cut more than 4,000 jobs this week, according to Reuters.

The company has just announced that a costly compressor problem that had grounded Boeing planes had now been found in a different type of engine.

On Friday, the group will host a capital markets day where, according to a person familiar with the situation, it will announce more than 4,000 job cuts, mostly in Britain and affecting support and management roles.

Rolls-Royce, which employs 50,000 people in 50 countries, is also expected to set out how it will make a return on the investment made in recent years and the expected drivers of cash flow beyond its medium-term horizon.

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