By Bahattin Gonultas
BERLIN (AA) - German airline Lufthansa Group is reportedly preparing to lay off a significant portion of its administrative staff as part of a major cost-cutting initiative.
According to German media reports, Lufthansa CEO Carsten Spohr announced the need to reduce administrative costs by 20% at an internal company meeting today.
The company's cost-cutting plan is expected to affect 20% of its approximately 15,000 administrative staff.
Lufthansa has not made a statement regarding the layoffs, but is expected to announce the cost-cutting plan at its capital markets day on Sept. 29th.
The Lufthansa Group employs approximately 103,000 people worldwide.