Qantas axes 6,000 staff and stands down a further 15,000

Qantas CEO Alan Joyce has announced the group will axe 6,000 staff and stand down a further 15,000 employees. “The Qantas Group entered this crisis in better shape than most,” Mr Joyce said. “But this crisis has still hit us very hard, and the impact will be felt for a long time, particularly I’m very sorry to say, the impact on our people.” Mr Joyce outlined three immediate actions as part of his company's three-year strategy toward recovery. “The first is to rightsize our workforce, fleet and capital spending for a world that has less flying for an extended period,” Mr Joyce said. “The second is restructuring to deliver ongoing savings across the Group’s operations in a changed market. “And the third is recapitalising through an equity raise that will strengthen our balance sheet and accelerate our recovery.” In addition to 6,000 job cuts and 15,000 people stood down, Qantas will also ground up to 100 planes for 12 months. The airline’s shares have been placed in a trading halt as it plans to raise up to $1.9 billion in equity to strengthen the company’s financials and accelerate recovery.

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