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Rolls-Royce (OTCPK:RYCEY) (OTCPK:RYCEF) said Monday it has made no decisions on changes to its workforce, refuting claims made during the weekend by The Sunday Times that it was preparing to cut ~3K jobs.
The report said Rolls-Royce (OTCPK:RYCEY) (OTCPK:RYCEF) had hired consultants to streamline the company, and part of the program would involve merging non-manufacturing departments in the company’s civil aerospace, defense and power systems divisions.
New CEO Tufan Erginbilgic has expressed the need for the company to improve its cash generation and reduce debt, while launching a comprehensive strategic review with results expected to be presented in 2023’s H2.
Separately, India’s Central Bureau of Investigation said it has filed a criminal case against Rolls-Royce (OTCPK:RYCEY) (OTCPK:RYCEF) and its executives over alleged corruption in a deal to supply the Hawk 115 advance trainer aircraft to the Indian Air Force.
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