June 17, 2020 / 2:36 PM / a month ago

Fraport to cut up to 4,000 jobs as it sees traffic staying down

BERLIN (Reuters) - Fraport (FRAG.DE) confirmed on Wednesday it is cutting between 3,000 and 4,000 of its 22,000 jobs as the German airport operator predicted that air traffic that has collapsed due to the coronavirus pandemic will not recover in the next few years.

Fraport said it expects traffic volumes this year to be 30-40% of normal and be down by 50% next year. In 2022 and 2023, it expects traffic to be 15-20% below 2019’s peak.

Bloomberg earlier reported that up to 4,000 jobs could go at the company which runs Germany’s busiest airport in Frankfurt.

Reporting by Emma Thomasson; editing by Thomas Seythal

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