Reuters reports Airbus Warns Staff on Jobs with a stark message.
European planemaker Airbus gave its starkest assessment yet of damage from the coronavirus crisis, telling the company’s 135,000 employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.
In a letter to staff late last week, Chief Executive Guillaume Faury said Airbus was “bleeding cash at an unprecedented speed” and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.
“The survival of Airbus is in question if we don’t act now,” he added.
“Unfortunately, the aviation industry will emerge into this new world very much weaker and more vulnerable than we went into it,” Faury wrote.
Survival at Stake?
I doubt that.
The same with Carnival, now deemed as "Too Big to Fail" by the Fed which arranged emergency loans.
Carnival could easily file for bankruptcy reorganization and reschedule debt payments.
One of my friends commented yesterday "This is just a play to save the equity, who are Trump’s friends."
OK but why would the Fed do this?
"Because he has appointed a ball-less group of wimps. It largely does what he wants. Particularly on a petty issue like this," replied my friend.
Stay tuned for more shenanigans by the Fed, ECB, BOJ, BOC and all their respective governments.
Meanwhile, I repeat my comment from yesterday, "What's deemed too big to fail keeps getting smaller and smaller."