Qantas (ASX:QAN) to cut 6,000 jobs in new recovery plan

Company News

by Rachael Jones

Qantas (ASX:QAN) is to cut at least 6000 of its 29,000 workers and launch a $1.9 billion capital raising in response to the coronavirus.

They launched a three year strategy to guide recovery and return to growth in changed market.

Costs are to be reduced by $15 billion during three year period of lower activity; $1 billion in ongoing cost savings per annum from FY23.

Around 100 aircraft to be grounded for up to 12 months, some for longer.

Shares in Qantas (ASX:QAN) are in trading Halt - Last traded at $4.19.