UK gas supplier Centrica to cut 5,000 jobs

LONDON (AP) — Centrica, which owns British Gas, is cutting 5,000 jobs as it restructures.

The company said in a statement yesterday it needed to simplify and modernise the business.

Group Chief Executive Chris O’Shea said the harsh reality is that the firm has “lost half its earnings in recent years”. He said the changes “are designed to arrest our decline, allow us to focus on our customers and create a sustainable company.”

Around half of the current 40-strong senior leadership team is expected to leave the group by the end of August.