The head of Airbus did not rule out mandatory layoffs, shares fall by 2%

The head of Airbus did not rule out mandatory layoffs, shares fall by 2%

The head of Airbus did not rule out mandatory layoffs, shares fall by 2%

PARIS (Reuters) – Airbus CEO Guillaume Faury said he is doing everything he can to cut costs without resorting to mandatory layoffs, but cannot guarantee that there will be none.

Europe's largest aerospace group said it needed to cut 15,000 jobs worldwide.

Airbus shares are down 2% by 3:12 pm Moscow time.

“This is an existential crisis. Our existence as a business is potentially in jeopardy if we don't take the right measures. We take them,” Faury told French radio station RTL.

“The situation is so serious and we are faced with such uncertainty that I think no one can guarantee that there will be no mandatory layoffs if we want to adapt to the situation, especially if it develops.”

“On the other hand, I can clearly say that we still have a lot to do, we will do our best not to come to this,” he said.

“There are many measures between voluntary reductions and mandatory reductions,” Faury added.

In a letter to employees on Friday, Faury warned that Airbus may have to implement mandatory layoffs after air traffic volumes failed to recover from the pandemic as quickly as expected and airlines delayed orders for new aircraft.

(Christian Lowe. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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