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Cathay Pacific to cut 5,900 jobs, end Cathay Dragon brand due to pandemic

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Jaime Freed, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/reuters/03/13/2019313-cathay-pacific-hna-hkairlines-rtr.jpg"/></figure></div><p>SYDNEY - Hong Kong&#x27;s Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.</p><p>The restructuring will cost HK$2.2 billion ($283.9 million) and the airline will also seek changes in conditions in its contracts with cabin crew and pilots, it told the stock exchange.</p><p>Overall, it will cut 8,500 positions, or 24 percent of its normal headcount, but that includes 2,600 roles currently unfilled due to cost reduction initiatives, Cathay said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/12/20/cathay-pacific-reports-h1-loss-of-us127-billion">Cathay Pacific reports H1 loss of US$1.27 billion</a></li></ul><p>&quot;The future remains highly uncertain and it is clear that recovery is slow,&quot; Cathay said in a statement, citing the International Air Transport Association&#x27;s expectation it will take until 2024 for passenger traffic to recover to pre-COVID-levels.</p><p>The airline, which has stored around 40 percent of its fleet outside Hong Kong, said on Monday it planned to operate less than 50% of its pre-pandemic capacity in 2021. </p><p>After receiving a $5 billion rescue package led by the Hong Kong government in June, it had been conducting a strategic review that analysts expected would result in major job losses because it has been bleeding HK$1.5 billion to HK$2 billion of cash a month.</p><p>The restructuring will stem the cash burn by HK$500 million a month in 2021, the airline said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/25/20/qantas-to-axe-2500-more-jobs">Qantas to axe 2,500 more jobs</a></li>	<li><a href="https://news.abs-cbn.com/business/10/05/20/pal-to-retrench-more-employees-as-pandemic-guts-demand-for-flights">PAL to retrench more employees as pandemic guts demand for flights</a></li>	<li><a href="https://news.abs-cbn.com/business/06/05/20/airasia-philippines-to-lay-off-12-pct-of-workforce-over-covid-19-losses">AirAsia Philippines to lay off 12 pct of workforce over COVID-19 losses</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/eAvHI9xP2O8?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.</p>

Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.

Cathay Pacific to cut 5,900 jobs, end Cathay Dragon brand due to pandemic

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Cathay Pacific to cut 5,900 jobs, end Cathay Dragon brand due to pandemic

Jaime Freed,

Reuters

Published Oct 21, 2020 08:28 AM PHT

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Cathay Pacific

Cathay Dragon

aviation industry

job cuts

coronavirus impact on airlines

COVID-19 impact on airline industry

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