BBC is set to cut hundreds of jobs across its core news division next week in the first part of a radical downsizing of the British broadcaster, sources said, the Financial Times reports.

The BBC's new management, tasked with saving hundreds of millions of pounds in public funding, is set to cut a total of 2,000 jobs, as the company's budget will be slashed by a tenth.

In addition to the job cuts, it is planning to cut costs on business trips, external consultants, conferences, and awards ceremonies.

Earlier, the BBC's new director general, Matt Brittin, had announced the expected cuts due to funding shortages. Back in February, the Financial Times reported that the corporation intends to cut its budget by hundreds of millions of pounds over three years.