Maersk Cuts 10,000 Jobs on Weakening Global Trade; Shares Tumble
- Shipping giant’s shares fall more than 18% in Copenhagen
- Company is cutting 9% of workforce as it accelerates savings
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A.P. Moller-Maersk A/S, a bellwether for global trade, fell after saying it’s cutting at least 10,000 jobs to shield its profitability in a shipping market that is set to remain weak until about 2026.
Maersk shares extended declines to more than 18%, bringing the destruction of market value to about 36 billion kroner ($5.1 billion), at 1:08 p.m. in Copenhagen.