Lufthansa Pushes Revamp Amid ‘Unprecedented’ Demand Volatility
- Airline to grow more slowly than industry expands, CEO says
- Carrier is ‘optimistic’ wage talks with pilots to resume soon
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Deutsche Lufthansa AG is pushing ahead with cost-cutting efforts to meet the challenge of an airline industry buffeted by “unprecedented” shifts in demand following terrorism in some of Europe’s most popular travel destinations.
“Market volatility has become huge" amid economic uncertainty, particularly over the possible effects of Britain’s vote to leave the European Union, as well as terrorist incidents, Chief Executive Officer Carsten Spohr told reporters late Thursday in Frankfurt. “I haven’t seen anything like this in my career.” The German carrier is transforming itself at “the highest possible speed” to maintain earnings, he said.