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Cathay Pacific to overhaul business, more job cuts at Deutsche Bank

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Cathay Pacific Airways will conduct an overhaul of its business after disappointing results. As part of the redesign, some jobs will be lost.

The changes were announced during the company’s annual Leadership Conference on Wednesday. Commenting on the new business strategy, a Cathay Pacific spokesperson told Human Resources magazine:

“As with any transformation, there will need to be a shift of capabilities and responsibilities, so there will be areas of the business that need to grow and others that need to shrink. Overall we aim to build a faster, leaner and simpler organisational structure.”

In a statement regarding the news, Cathay said: “This change will create opportunities, but some jobs will no longer be needed. Some new jobs will be created and other jobs may be redefined.

There will be more change in some areas than others and overall the work will involve a holistic review of how our business is structured – something of this scale hasn’t happened for more than 20 years.”

The company declined to comment on the amount of employees that will be affected, but said changes to the way the company is organised will start at the top.

Despite the scale of the restructuring, union leader Dora Lai Yuk-sim, who represents 7,200 cabin crew, spoke about the plans in a positive way.

“There will be job gains, not losses,” she told the South China Morning Post. “The losses will happen in the back office because it is trying to restructure and have a shared service concept.”

In other news, Deutsche Bank has warned its employees of more job cuts to come. In addition to announcing radically reduced 2016 bonus payments for top managers, the bank told some staff on Wednesday that layoffs will continue.

Some managers have been asked to identify the bottom 20% of performers in preparation for possible cuts, a person with knowledge of the matter told Bloomberg.

The ongoing cuts are part of the bank’s current business plan which includes eliminating 9,000 jobs globally between 2015 and 2018.

ALSO READ: Video: Cathay Pacific flight attendants fight to retire at 65

Photo / Cathay Pacific

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