Press: Airbus could axe 10,000 jobs

European plane maker Airbus, a subsidiary of EADS could announce Tuesday as many as 10,000 jobs cuts, according to French newspaper Les Echos. Airbus Chief Executive Louis Gallois, also co-CEO of EADS, is to put forward on Tuesday the details of the company’s restructuring “Power 8” plan, announced back in October and designed to cut structural costs by 30% and save EUR5 billion by 2010.

Airbus employs 55,000 people in France and Germany, but the job cuts could also impact Airbus’ subcontractors, which employ 30,000 people, Les Echos reported.