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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.