News / New Cathay Pacific restructure to cut cash burn will see 6,500 staff go

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Cathay Pacific has moved to stem its monthly cash burn of HK$1.5bn-$2bn (US$193m-$258m) by cutting nearly 25% of its staff and closing regional carrier subsidiary Cathay Dragon.

The carrier will also operate less than half its usual passenger capacity next year, adding longer-term strain on bellyhold cargo capacity.

Overall, the group will lose some 8,500 jobs, some via a recruitment freeze and “natural attrition”, but 5,900 staff in Hong Kong will be made redundant and 600 elsewhere –  17% of its headcount.

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