European planemaker Airbus announced that it plans to cut 2,362 jobs across several countries by the end of next year.

Its Germany-based subsidiary, Defence and Space, has said the job cuts are the result of its "restructuring", after suffering major financial losses, due to “flat space market and postponed contracts on the defense side”.

Under the reforms, 2,362 positions are expected to be eliminated: 829 in Germany, 357 in the United Kingdom, 630 in Spain, 404 in France and 142 in other...