The airline Cathay Pacific was already badly shaken before the corona pandemic, because the protracted mass protests in Hong Kong had an extremely negative effect on business. Covid-19 now literally gave the rest: The group will cut 8.500 jobs and close the subsidiary Cathay Dragon.

The downsizing announced on Wednesday corresponds to around 25 percent of all employees. This is to be achieved by preventing 2.600 vacant jobs from being filled and 5.900 employees being dismissed. Cathay Dragon has to cease operations completely and is to be wound up. All employees are affected here.

Cathay Pacific has to leave the majority of its fleet on the ground due to the corona pandemic. The still tough entry and quarantine regulations in various countries have led to a massive drop in demand. As a result, the Hong Kong hub can no longer fulfill its previous function. But that was exactly the core business of Cathay Pacific.

The carrier does not expect the situation to recover quickly. Company boss Augustus Tang speaks in a broadcast of the devastating effects on aviation and to be able to survive a "fundamental restructuring of the group of companies" would be necessary. For the year 2021, the manager expects a maximum of 50 percent of the capacity that was offered in 2019.