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| Npower confirms it is to cut 2,400 jobs | Npower confirms it is to cut 2,400 jobs |
| (35 minutes later) | |
| Npower is to cut thousands of jobs after reporting losses of more than £100 million. | |
| The energy company, which employs 11,500 staff, has made the move in a bod to address its weak finncial performance. | The energy company, which employs 11,500 staff, has made the move in a bod to address its weak finncial performance. |
| The German-owned company said its 11,500 employees will be reduced by 2,400, through a mix of those who work directly and indirectly for npower. | |
| It said in a statement it will make "extensive cost savings to help turn around the significant losses made in 2015 and return the company to profitability". | It said in a statement it will make "extensive cost savings to help turn around the significant losses made in 2015 and return the company to profitability". |
| Paul Coffey, chief executive of RWE npower, said: "Npower results continue the trend seen earlier in 2015, but they are nonetheless extremely disappointing and we are starting a two-year process to fix them. | |
| "They show a business that tried to do too much, too soon, while not focusing enough on the fundamentals in a constantly changing market. This led to over-complicated processes and procedures resulting in unhappy customers, too many complaints and extra costs to put things right. | |
| "These issues are not insurmountable. Over the past few months, we have looked at every part of npower, and over the next two years we're fundamentally changing how the company operates." | |