ZURICH—Freight-forwarder Kuehne+Nagel may cut more than 20,000 jobs, with warehouse workers most affected, as the economic crisis caused by the CCP virus hits shipping, controlling shareholder Klaus-Michael Kuehne said in an interview.
Kuehne+Nagel, which employs 83,000 people, will likely cut jobs in locations such as the United States that unlike some European countries does not have a system of short-time working to fall back on to prevent massive layoffs, he told Germanys Die Welt in an article published on Saturday.
He sees globalization slowing, with a trend towards regionalization.
“The group could have 20-25 percent fewer workers than before the crisis,” he said. “We will emerge from the crisis smaller.”
The 2020 result will definitely be worse than a year ago, said Kuehne, adding nobody knows how long the crisis will last and how deep it will be. The company has already scrapped its dividend.