Cathay Pacific to cut 5,900 jobs
Hong Kong's Cathay Pacific Airways is making deep cuts to its workforce, some 5,900 jobs joining other airlines around the world slashing headcounts as the pandemic has brought air travel to a trickle.
On Wednesday (October 21) the airline announced the cuts and said it would also end its regional Cathay Dragon brand.
Overall, the company is eliminating nearly a quarter of its headcount, including an additional 2,500 jobs currently unfilled.
It's part of a restructuring set to cost more than $280 million dollars.
That shake up will include changes in conditions in its contracts with cabin crew and pilots.
In a statement Cathay Chief Executive Augustus Tang said: "The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the group to survive."
This summer Cathay stored around 40% of its fleet outside Hong Kong in less humid locations.
And this week it said it planned to operate less than half of its pre-pandemic capacity in 2021.
Back in June, the carrier received a $5 billion bailout from the Hong Kong government and began its structural review as the airline bled cash each month.
Passenger numbers for Cathay Pacific were down over a staggering 98 percent in September compared with a year earlier.