Cathay Pacific will cut 6000 staff to stay afloat.

The company has lost $1.27 billion in the first 6 months of the year.


Alfred Lee

20 Oct, 2020

Cathay Pacific will cut 6000 staff to stay afloat. | BEAMSTART News

Cathay Pacific Airways is expected to cut up to 6,000 staff globally, according to an exclusive report by SCMP.

The company lost a staggering HK$9.87 billion (US$1.27 billion) in the first six months of the year, and still continues to burn through HK$2 billion monthly due to grounded flights and declining global travel.

The cuts are expected to be announced this Wednesday, with some 5,000 layoffs coming from Hong Kong.

According to sources, the unemployment figure could continue rising if the pandemic situation is not brought under control.

Despite the large number of layoffs, the number of expected cuts has been lowered by 25%, which was originally at 8,000 staff

This number is approximately 18% of the airline's total workforce.

“It’s unnecessary to keep the two brands given the dire financial situation, but Cathay will not give up flying to mainland destinations. The carrier will not give up the mainland market and it will maintain its major role in the regional aviation hub,” one source said.
Hong Kong's government agreed to bail out the airline.

Globally, the airline group has 33,000 staff, with 26,500 working under Cathay Pacific and Cathay Dragon.

Due to its dire straits, the Hong Kong government offered the company a HK$27.3 billion rescue package back in June.

“Given the epidemic situation in Hong Kong, the mainland government cannot help by reopening the border with the city and increasing flights, so Hong Kong has to rescue its flagship airline by allowing its restructuring,” an individual close to the board said.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Applied AI Engineer

Argon AI, Inc.

New York,

Full Time

USD 200000 — USD 300000 yearly

Account Executive

Conduit

California,

Full Time

USD 160000 yearly

Founding Recruiting Lead

Confido

New York,

Full Time

USD 155000 — USD 185000 yearly

Machine Learning Intern

Bindwell

California,

Internship

USD 80000 — USD 120000 yearly

Founding Engineer

Simple AI

California,

Full Time

USD 100 — USD 200000 yearly

Senior Infrastructure Engineer

Greenlite

California,

Full Time

Salary Undisclosed

Founding Backend Engineer

QFEX

England,

Full Time

USD 50000 — USD 150000 yearly

Founding Engineer

Bild AI

California,

Full Time

USD 100000 — USD 180000 yearly

Founding AI Engineer

Cekura

California,

Full Time

USD 120000 — USD 180000 yearly

Founding Engineer

Optifye.ai

Delhi,

Full Time

USD 2400000 — USD 4800000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).