The BBC said Wednesday that it plans to cut up to 2,000 jobs to save 10% of its annual budget — 500 million pounds ($677 million) — over the next two years.

The BBC will in the coming months set out how it plans to cut back on TV, radio and online following today’s brutal announcement of 2,000 layoffs.

Earlier this year, the BBC said it planned to strip out a tenth of its annual costs – or about £600m – over the next three years without setting out how these savings would be delivered.