Cathay Pacific to cut jobs, undergo major overhaul

Singapore

CATHAY Pacific Airways will cut jobs and conduct its biggest revamp in two decades as Hong Kong's marquee airline attempts to reverse a slump in profit margins and share price under chief executive officer Ivan Chu.

Changes at Asia's biggest international airline "will start at the top" and the carrier will eliminate some positions as part of a review to reorganise the business, Cathay said in a statement on Wednesday. The measures will take effect by mid-year, the airline, which employed about 26,700 people at the end of June, said without elaborating.