Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Royal Mail warns of thousands of job cuts as it slides into red

Published : , on

By Yadarisa Shabong

(Reuters) -Royal Mail could cut up to 10,000 jobs and the loss-making business warned of more layoffs if planned strikes go ahead, as the company that is locked in a dispute with its largest union flags even deeper losses this year, sending shares 10% lower.

The Communication and Workers Union (CWU), representing 115,000 Royal Mail postal workers, have held strikes in September and early October, and have threatened more strikes this month and next after months of failed negotiations over pay and operational changes.

“Royal Mail urges CWU to immediately call off planned strike action and embrace our offer of Acas talks to urgently find a resolution to the current dispute,” parent company International Distributions Services said on Friday.

Its proposals last month to take the pay dispute to arbitration and change its policies had angered the CWU.

The holding company said 5,000 to 6,000 jobs could be made redundant by the end of August next year, and up to 10,000 roles would be cut on a rolling 12 month basis, including reductions in overtime, temporary staff and natural attrition.

“This announcement is holding postal workers to ransom for taking legal industrial action against a business approach that is not in the interests of workers, customers or the future of Royal Mail,” CWU General Secretary Dave Ward said on Friday.

“The CWU is calling for an urgent meeting with the Board and will put forward an alternative business plan at that meeting.”

Royal Mail has been working on a transformation plan to shift its focus to parcels amid sliding letter volumes, and while it got a boost from the online shopping boom during the pandemic, it is now dealing with inflationary pressures, a cost-of-living squeeze and a fall in parcel volumes.

Royal Mail swung to an adjusted operating losses of 219 million pounds in the first half of the year, and losses for the year is expected to be around 350 million pounds, it forecast.

That could increase to 450 million pounds in losses this year if customers switch to other providers and the UK business could go deeper into the red if more strikes are held during the holiday period.

“The ongoing uncertainty means that the Board is unable to give a clear outlook for the full year,” it said.

Shares fell as much as 17% to their lowest since September 2020.

GLS, its international distribution network, has been performing in line with expectations, the company said.

Royal Mail, the former British postal monopoly, recently changed the name of its holding company to International Distributions Services from Royal Mail Plc.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio D’Souza and David Evans)

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post