British gas utility, Centrica announced plans to reduce its UK workforce by an estimated 3,700 jobs. Centrica has proposed to cut 5,000 jobs globally, which equates to around one-fifth of the group’s 27,000 workforce. The restructuring is designed to hasten a savings target of £2 billion (
In a bid to simplify its organisational structure, around half of the jobs that will be abolished are positions in leadership, management and corporate services, including 20 roles from the senior leadership team, who will leave by the end of August. The remaining job cuts will be finalised by the end of 2020 after formal consultation has concluded. Around 2,500 management roles will be among those being abolished.
The company, Britain’s largest energy provider, made a large financial loss in 2019 (£849 million,