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Cathay Pacific Layoffs / RIP Dragon..

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  1. #11

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    HKEX announcement is up...

    * Hong Kong Dragon Airlines Limited (“Cathay Dragon”), a wholly-owned subsidiary of the
    Company, will cease its operations with effect from today. It is intended that regulatory
    approval will be sought for a majority of Cathay Dragon’s routes to be operated by the
    Company and Hong Kong Express Airways Limited, a wholly-owned subsidiary of the
    Company.

    * Approximately 8,500 positions across the Cathay Pacific Group (including Cathay Dragon)
    will be eliminated
    , which accounts for around 24% of the Cathay Pacific Group’s
    established headcount of 35,000. Of these 8,500 positions, approximately 5,300 Hong
    Kong-based employees will be made redundant in the coming weeks, with approximately
    600 employees based outside of Hong Kong possibly being affected subject to local
    regulatory requirements. The remaining 2,600 positions to be eliminated are currently
    unfilled
    , owing to cost reduction initiatives in recent months including a hiring freeze and
    the closure of certain overseas bases.

    * Hong Kong-based cabin and cockpit crew of Cathay Pacific Airways Limited will be asked
    to agree to changes in their conditions of service which are designed, inter alia, to match
    remuneration more closely to productivity and to enhance market competitiveness.
    Company expects to be operating at well below 25% capacity in the first half of 2021, but
    expects to see a gradual recovery in capacity in the second half of the year.

    https://www1.hkexnews.hk/listedco/li...0102100213.pdf

  2. #12

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    I missed this bit from the earlier announcements.

    Cathay Dragon, the Group’s wholly owned regional subsidiary, will cease operations with immediate effect. It is intended that regulatory approval will be sought for a majority of Cathay Dragon’s routes to be operated by Cathay Pacific and HK Express, a wholly-owned subsidiary.

    https://news.cathaypacific.com/catha...-restructuring

  3. #13

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    I feel bad for all the flight attendants, pilot, management and other support staff losing their jobs. What are they going to do now? What kind of jobs they can get right now. What can they get?

    Last edited by Coolboy; 21-10-2020 at 09:12 AM.

  4. #14

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    Some more info on their new contracts:

    NEW: CATHAY PILOTS ASKED TO SIGN COS18 CONTRACT - CONTRACT IS EQUIVALENT TO BEING TWO-THIRDS CHEAPER THAN EXISTING COMPANY PILOT PACKAGES.

    PILOTS WHO REFUSE WOULD BE TERMINATED, NOT EQUIVALENT TO REDUNDANCY.
    https://twitter.com/JournoDan...21550602838016

  5. #15

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    I was just sitting wondering about the senior pilots pay. I met and know a number of Cathay pilots over the years in HK. Always surprised that they were all paid more or less as senior bankers. That's a pretty hefty amount to pay for someone who does not even need to show up at work.

    Whereas something happened some 10 years ago when packages started to get smaller and smaller. The younger pilots pay is not very high..

    Elegiaque and Sage like this.

  6. #16

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    Original Post Deleted
    I did not say top bankers, meaning that 0.001% living up in the clouds doing big M&A tickets and getting million USD bonuses. I meant normal senior bankers (who there are plenty of), who are on exactly that kind of pay level, 150-250k/month. And from what I heard 200k/month inc housing is not the top paid pilots, that more of a normal remuneration for say the 45 year old which I know of multiple that have that level (they all had 70k housing). The top Cathay packages I believe at least used to top out over 300k/month inc housing, I believe I even verified this through Cathay's reports once..
    shri, Taxmyass, Elegiaque and 4 others like this.

  7. #17

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    Quote Originally Posted by jw1701:
    I know id rather the pilots who fly my aircraft are well reimbursed without distractions when they take flight

    Rather like going under the knife with a surgeon who's paid minimum wage to save a buck
    so when you hop on a cab you will tell the driver you are doubling his fare as long as he drives safely ?
    shri, Jackie1, Elegiaque and 1 others like this.

  8. #18

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    Original Post Deleted
    You don't work in banking anymore right? Long gone are the days when bonuses were that good. I wish I wish you were right..
    Elegiaque, Plutark and Sage like this.

  9. #19

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    Original Post Deleted
    Obviously I was not saying that all Cathay pilots are paid as the head of trading at Goldman Sachs. People that don't work in banking have a very weird view of what roles exist in a bank and apparently what a senior banker is.

    Let me give a few examples of what normal senior bankers are:
    Senior Relationship Manager (for Corporates or Financial Inst)
    Senior Markets Sales (For Corp or FI)
    Senior dealer in Markets or Treasury
    Head of a Finance department, Reporting, Tax, etc..
    Compliance Head for a specific risk, AML, etc..
    Risk Head for a specific Risk, Operational, Market, etc..
    Last edited by RobRoy; 21-10-2020 at 10:33 AM.
    Sage and AliT like this.

  10. #20

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    Quote Originally Posted by RobRoy:
    You don't work in banking anymore right? Long gone are the days when bonuses were that good. I wish I wish you were right..
    Chinese bankers taking over HK now. yes, the pay is lower (even at the MD level a little). this is China.

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