Following a summer of strikes by postal workers in the U.K., Royal Mail is planning to cut up to 6,000 jobs.
Royal Mail's parent group will be consulting on rightsizing the business in response to the impact of industrial action, delays in delivering agreed productivity improvements and lower parcel volumes.
There may be 5,000-6,000 redundant by the end of August.
The group reported an adjusted operating loss of $247 million for the first half of the year due to the postal worker strikes.
CNBC reported last week that leaders of the CWU were in talks with Royal Mail bosses as the company looked to avert a further 16 days of industrial action.
Royal Mail's financial position deteriorated due to a combination of the impact of the industrial dispute, an inability to deliver the joint productivity improvements agreed with the CWU, and ongoing macroeconomic headwinds.
It now expects to make a full-year operating loss of around £350 million, including the direct, immediate impact of eight days of industrial action which have taken place.
Royal Mail's financial problems were the result of mismanagement and a failed business agenda of ending daily deliveries, a wholesale levelling-down of the terms, pay and conditions of postal workers, and turning Royal Mail into a gig economy style courier, according to the CWU.
CWU General Secretary Dave Ward wants the company to use its competitive edge in delivering to 32 million addresses across the UK.
Postal workers are being held to ransom for taking legal industrial action against a business approach that is not in the interests of workers or customers. Ward said that building a company is not possible.
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