The Tui Group is looking to cut 8000 roles worldwide with the firm calling Covid-19 the “greatest crisis the industry has faced”.
The travel firm posted losses of £747m in the first half of 2020, compared to £255m in the same period 12 months previously.
The company said: “We are targeting to permanently reduce our overhead cost base by 30% across the entire group.
“This will have an impact on potentially 8000 roles globally that will either not be recruited or reduced.”
The company’s report said: “The tourism industry has weathered a number of macroeconomic shocks throughout the most recent decades, however the Covid-19 pandemic is unquestionably the greatest crisis the industry and Tui has ever faced.”
It added that losses were also borne as a result of the grounding of the Boeing 737 Max aircraft after two crashes with other airlines.
Tui chief executive Fritz Joussen said the company should “emerge from the crisis stronger”.
He added: “It will be a different Tui and it will find a different market environment than before the pandemic.
“This will require cuts: in investments, in costs, in our size and our presence around the world.
“We must be leaner than before, more efficient, faster and more digital.”