'Airbus survival at stake without immediate action'

Airbus survival at stake without immediate action: CEO memo

Airbus CEO Guillaume Faury

Airbus Chief Executive Guillaume Faury has told the European planemaker's 135,000 staff to brace for potentially deeper job cuts after warning its survival is at stake without immediate action to save cash amid the coronavirus crisis.

In a letter to staff on Friday, seen by Reuters, 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.

Airbus said it did not comment on internal communications.