Cathay Pacific reestructures and axes 8,500 jobs, closes Cathay Dragon
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The consequences of the COVID-19 pandemic continue to be felt around the world. In Hong Kong, on the morning of Wednesday, October 21, Cathay Pacific announced that the group will eliminate 8,500 jobs and will proceed to the immediate closure of the Cathay Dragon subsidiary, ending the 35-year history of the former Dragonair.
According to what was reported by Danny Lee in the South China Morning Post, the airline will be absorbed by Cathay Pacific and HK Express. Cathay Dragon’s crews and cabin personnel would be rehired, but under a much less profitable contract scheme than the existing one.
Cathay CEO Augustus Tang Kin said in an internal memo to employees that «we have taken all possible measures to prevent job losses, but unfortunately we will not survive without furhter measures.» He added that «the hard truth» is the need for a restructuring of the airline «to secure the future. It is a decision that breaks our hearts, and for which I am really sorry.»
Cathay lost about $ 1 billion in the first six months of 2020, and the measures taken today seek to secure an additional $ 280 million cost cut.
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