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G4S axes 1,100 jobs

Security firm G4S has unveiled plans to axe 1,100 jobs as the company restructures following the failure of its Olympics contract.

The company said that cutting the posts – mostly in continental Europe – would save £30 million a year.

Chief executive Nick Buckles said: “We were deeply disappointed that we had significant issues with the London 2012 Olympics contract and are very grateful to the military and the police for their support in helping us to deliver a safe and secure games.

“The overall business has performed well in achieving a similar underlying profit as the first half of last year despite economic challenges, particularly in Europe, and weakness in the US government market.”…

via G4S axes 1,100 jobs following Olympics fiasco – Management – Scotsman.com.

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