Airbus to cut over 2,300 jobs at defence and space division

European planemaker Airbus said on Wednesday that it plans to cut more than 2,300 jobs at its defence and space division by the end of next year, spreading the cuts across several countries.

The company said Airbus Defence and Space presented the plan to employee representatives and launched a consultation process for the cuts.

Airbus pointed to a "flat space market and postponed contracts on the defence side." 

It noted that it had announced the need for restructuring in December and underlined the issue during an annual news conference earlier this month.

The defence and space division "will provide updates on its plans and continues a constructive dialogue with employee representatives," Airbus said in a statement. 

"Further financial implications are under assessment and will be communicated at a later stage.

Airbus reported that it lost $1.47 billion in 2019 because of a multi-billion-euro bribery settlement with authorities in three countries, but otherwise saw a record year for aircraft deliveries.

The net loss reflected $3.9 billion euros set aside to cover a criminal settlement with authorities in the US, France and Britain over past corrupt practices. 

Airbus also lost $1.3 billion because of troubles with its A400M military transport program and $238.9 million because the German government suspended export licenses to Saudi Arabia through March.