Royal Mail says to cut 1,600 jobs

LONDON, Mar 25 (AFP) :  Britain's main postal operator Royal Mail Tuesday said it planned to axe 1,600 jobs under a fresh cost-cutting drive six months after the group was partly privatised.
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 "300 new or enhanced roles", resulting in a net loss of 1,300 jobs.
The changes are expected to deliver annualised cost savings of around 50 million ($82.5 million, 60 million euros), it said.