Airbus is “Bleeding cash at an unprecedented speed”

(Photo: Airbus)

Airbus has warned its staff to expect significant job cuts as it seeks to survive the crushing blow the Coved-19 crisis has dealt upon the commercial aviation industry. In a letter to staff, Airbus CEO, Guillaume Faury, said the company is “bleeding cash at an unprecedented speed”.

Earlier this month, the company announced it was cutting aircraft production by a third.

Mr Faury warned employees to be prepared for significant job cuts and that the company’s survival was at stake unless there was immediate action.

Airbus had already begun to introduce government-assisted furlough schemes and is scheduled to produce its Q1 financial results this week.