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25.08.2020

Qantas continues to cut jobs amid the ongoing crisis

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The step will save the company nearly $100 million

Stocks impacted: Qantas Airways Ltd (QAN)

The airline announced plans to cut almost 2,500 ground staff jobs as part of its cost-cutting measures following the announcement of almost $2 billion in losses and cutting its dividend last week. The step will save the company nearly $100 million a year by extending the arrangement to major airports. The job cuts are on top of 6,000 across its workforce announced in June. As a reminder, two months ago, the Australian airline announced a three-year plan to accelerate its recovery from the Covid crisis. After the announcement, Qantas shares climbed nearly 3% on Tuesday amid a broad-based rally in stock markets.

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