RTR: Kuehne + Nagel owner sees about 20,000 job cuts – Die Welt

REUTERS reports:

Freight-forwarder Kuehne+Nagel (KNIN.S) may cut more than 20,000 jobs, with warehouse workers most affected, as the coronavirus-caused economic crisis hits shipping, controlling shareholder Klaus-Michael Kuehne said in an interview.

Kuehne+Nagel, which employs 83,000 people, will likely cut jobs in locations such as the United States that unlike some European countries does not have a system of short-time working to fall back on to prevent massive layoffs, he told Germany’s Die Welt in an article published on Saturday.

He sees globalisation slowing, with a trend towards regionalisation.

“The group could have 20-25% fewer workers than before the crisis,” he said. “We will emerge from the crisis smaller.”

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