Rolls Royce, the engines and power systems manufacturer, will cut 4,600 jobs over the next two years in a bid to save £400m per annum by 2020.
The company said it aimed to create a leaner structure for its three business units. The restructure is expected to cost £500m.
While issues with its Trent 1000 jet engine have contributed to financial challenges, Rolls Royce said it will continue to focus on civil aerospace, aiming for a 50% share of the engine market.
The company said it will also continue to invest in new areas, such as electrification and digitisation.
Most of the job losses are planned within its UK operations.
See the announcement here.