• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

All data is delayed
Loading...
See More

Lufthansa to slash 3 500 jobs

May 03 2012 11:05
AFP

Frankfurt - Germany's top airline Lufthansa said on Thursday that it intended to shed 3 500 administrative jobs in the next few years as part of a radical cost-cutting programme.

The unprecedently steep cuts were intended to reduce administrative costs by a quarter, the airline said in a statement.

Cuts in staff costs overall would amount to about one-third of the savings under the cost-cutting scheme announced at the beginning of the year, it added.

The German giant is undergoing an overhaul in the wake of fierce competition from budget airlines and said in February it aims to save €1.5bn by 2014.

"We can only safeguard jobs for the long term and create new openings if we reorganise the administrative functions and accept job losses now," Christoph Franz, its chief executive, said in a written statement.

On Wednesday, the group said it suffered a net loss in the first quarter of 2012 as the soaring price of jet fuel more than offset a rise in passenger numbers.

The company posted a net loss of €397m in the first three months of the year, more than the €336m expected by analysts polled by Dow Jones Newswires.

lufthansa  |  job cuts

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...