Airbus 'Bleeding Cash At An Unprecedented Speed' Due To Coronavirus - Job Cuts
Click Like to Follow Fliegerfaust Facebook page to get the News ASAP / Share to share this post now.
April 27, 2020 - by Edward Thicknesse for cityam.com
Planemaking giant Airbus has written to its 135,000 staff warning them to expect deeper job cuts, with the firm "bleeding cash at an unprecedented speed".
In a letter to employees, chief executive Guillaume Faury said that the aerospace behemoth's survival was at stake, saying that the recent drop in production of a third was not the worst case scenario.
The company has already reduced the production of its narrow body jets by a third to 40 a month, with further output cuts mooted.
The letter, which Airbus declined to comment on, came as the firm prepares to publish its first quarter results for the current financial year.
Sources told Reuters that the engineering giant could launch a new restructuring plan...