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Rolls-Royce will slash its headcount by nearly 2,500 roles to streamline operations and enhance efficiency.
This is the first significant decision under CEO Tufan Erginbilgic, who assumed the role in January.
It aims to transform Rolls-Royce into a more sustainable and effective company.
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Headquartered in Derby, Rolls-Royce employs 42,000 people globally, with roughly half its workforce in the UK.
The pandemic-led air travel halt severely impacted the aircraft engine maker.
The specific details about the job cuts have not been disclosed.
However, reports suggest that its UK staff will be most affected.
Rolls-Royce has committed to consulting with unions before providing further information on the job reductions.
The company currently has 13,700 employees in Derby and 3,400 in Bristol.
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The company intends to "remove duplication and deliver cost efficiencies" through the proposed overhaul.
Mr Erginbilgic said: "We are building a Rolls-Royce that is fit for the future.
"That means a more streamlined and efficient organisation that will deliver for our customers, partners and shareholders."
The company's pandemic worries have led to raising billions of pounds to stay afloat.
In 2020, the company already reduced its workforce by 9,000 positions.
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Under the new strategy, Rolls-Royce intends to consolidate its engineering technology and safety teams.
The company's Chief Technology Officer, Grazia Vittadini, is stepping down.
Additionally, Rolls-Royce seeks to optimise its procurement and supply chain management processes as part of its cost-cutting efforts.
The firm will also integrate its finance, legal, and human resources departments.
Mr Erginbilgic said: "This is another step on our multi-year transformation journey to build a high performing, competitive, resilient and growing Rolls-Royce."
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