Airbus CEO warns workers it’s bleeding cash and cuts are needed

Airbus chief Guillaume Faury warned employees that the planemaker is “bleeding cash” and needs to quickly cut costs to adapt to a radically shrinking aerospace industry. With airline customers fighting to survive and unable to accept new aircraft, Airbus is juggling its delivery schedules while reassessing its long-term outlook for the aerospace industry, Faury told staff in a letter sent Friday. A plan to slash production by one-third announced earlier this month may not reflect the worst-case scenario, he said. “We’re bleeding cash at an unprecedented speed, which may threaten the very existence of our company,” Faury wrote. “We must now act urgently to reduce our cash-out, restore our financial balance and, ultimately, to regain control of our destiny.” Airbus declined to comment on its internal communications.<br/>