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Britain's Royal Mail to cut jobs, investment after profit sinks 30%

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A Royal Mail Group postal worker on his delivery round in Manchester, U.K.
Paul Thomas | Bloomberg | Getty Images

Britain's Royal Mail laid out restructuring plans on Thursday that will affect around 2,000 management roles and see it save 130 million pounds in staffing costs next year as it reported a 31% fall in annual profits.

The company, whose Chief Executive Officer Rico Back stepped down last month after a year of battles with unions over a 1.8 billion pound restructuring plan, said it was also cutting 300 million pounds in capital spending across the group over the next two years.