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Royal Mail says to cut 1,600 jobs in wake of partial privatization

LONDON--Britain's main postal operator Royal Mail on Tuesday said it planned to axe 1,600 jobs under a fresh cost-cutting drive six months after the group was partly privatized.

Royal Mail said in a statement that most of the jobs to go would be in management, with no delivery staff losing their positions. It added that it would create β€œ300 new or enhanced roles,” resulting in a net loss of 1,300 jobs.

The changes are expected to deliver annualized cost savings of around 50 million pounds (US$82.5 million), it said.

Royal Mail chief executive Moya Greene said the cuts were necessary for the company β€œto effectively compete in the letters and parcels markets.”

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