Transport for London (TfL) will undergo a major restructure, including slashing jobs and refreshing back office processes, to save £2.4 billion over the next 10 years.

TfL commissioner Peter Hendy told staff that he plans to make a “number of changes to TfL's structure” which will result in a “significant reduction in jobs” at the London transport body, according to reports.

The business plan details efficiency savings of £2.4 billion through consolidating technology budgets.

TfL said it plans a programme of investment in information management (IM) technology across the whole organisation, which will be funded through existing IM budgets that have now been consolidated. The programme is expected to produce "significant service improvements" and savings in excess of £400 million.

The investment will fund four distinct delivery programmes: desktop services (end-user computing); datacentre and hosting services; application portfolio management and; voice and data network services.

The plan extends a cost cutting programme that has been in place since 2002, when TfL originally intended to save more than £1 billion through "back-office functions".

TfL also announced plans to reintroduce the Routemaster buses, but re-engineered to incorporate green technology to reduce emissions.

A raft of ticketing changes will also contribute to TfL’s cost cutting-plan. Earlier this year, TfL ditched its contract the TranSys consortium, and signed a new contract with EDS and Cubic for the future management and development of the Oyster smartcard.

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