Profits Scandal to Lead to Tesco Axing Many Jobs

It is expected that as a result of the profits scandal that emerged from Tesco, that many jobs will be scrapped. It is expected that many positions will be lost form the head office in Cheshunt, Herts as well as some of the regional offices. Over the last three years profits have collapsed meaning that money saving must take place across the company and slashing jobs is one way to do this. In the second half of the financial year it was expected that the company would make a loss which is the first time that this has happened and so they need to do something drastic in order to make sure that it does not happen again.
It was reported in October last year that the pre-tax profits for the company had fallen by almost 92 percent. However Deloitte reviewed the profits and found that there were significant mistakes in it. Tesco has not commented on its errors stating that it was in the hands of the Financial Conduct Authority and it will not comment on how the incorrect reporting happened.