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Cathay Pacific to cut job and carry out its biggest review in 20years
Time:2017-01-22 15:02:28

Cathay Pacific to cut jobs and carry out its biggest review in 20 years

HONG Kong's Cathay Pacific Airways says it needs to cut jobs to enable the airline to succeed faced with growing competition and the unpredictable nature of the world economy.

No figures were mentioned regarding the revamping of the workforce, but the airline stressed the need for a leaner, simpler structure.

"Changes to the way the company is organised will start at the top. We will reorganise ourselves with clear focus on seven key areas in order to speed up decision making and make Cathay more responsive to our customers' needs," the airline statement said.

Cathay's business has deteriorated for three consecutive years, even amid falling jet fuel costs. It posted HKD13 billion (US$1.7 billion) in fuel hedging losses over the 18 months to June 30 last year, according to the SCMP.

The airline said in its release that there will be a second piece of organisational change that will see the creation of shared services within the company.

"This change will create opportunities, but some jobs will no longer be needed. Some new jobs will be created and other jobs may be redefined. There will be more change in some areas than others and overall the work will involve a holistic review of how our business is structured ?something of this scale hasn't happened for more than 20 years.

"2017 is going to be a year of significant change and an opportunity to better align our business with the increasingly competitive aviation landscape," the airline statement added.