6/30/2020, 7:33 PM (Source: TeleTrader)
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Airbus to cut approximately 15,000 jobs

Airbus SE announced on Tuesday night it will cut approximately 15,000 jobs worldwide by the end of summer 2021.

The reductions come as a result of lower demand, which has plummeted 40% in recent months due to the coronavirus crisis, the company said, noting that the air travel industry isn't expected to recover before 2023.

"The measures we have taken so far have enabled us to absorb the initial shock of this global pandemic. Now, we must ensure that we can sustain our enterprise and emerge from the crisis as a healthy, global aerospace leader, adjusting to the overwhelming challenges of our customers. To confront that reality, we must now adopt more far-reaching measures," CEO Guillaume Faury said in the press release.

Breaking the News / MD