Royal Mail, the British postal service, is to slash 2,000 management jobs as part of an overhaul of its operations due to the coronavirus pandemic. The group said on Thursday that senior executive and non-operational roles will be the hardest hit in the plan to save 330 million pounds ($410 million) over two years.

‘In recent years, our U.K. business has not adapted quickly enough to the changes in our marketplace of more parcels and fewer letters,” said Keith Williams, interim executive chairman at Royal Mail Group. ‘COVID-19 has accelerated those trends, presenting additional challenges.’ The assessment came after the company was unable to take advantage of a massive spike in parcel deliveries during the lockdown as the requirements of social distancing sent costs soaring.

‘There has been a too-slow investment in technology and facilities to keep abreast of the huge growth in parcels,’ said union official Mike Eatwell. The company’s share price fell 6.3% in the wake of the announcement and its warning that it could face a revenue hit of up to 600 million pounds if the U.K. economy contracts by 15 per cent across 2020-21.

Royal Mail is the latest in a long line of British companies to announce hefty job losses. Others include British Gas owner Centrica, and airlines easyJet and British Airways.

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