Europe’s largest airline is accelerating fleet and staff cuts amid mounting concern about the severity of the slump in global travel.

Deutsche Lufthansa will slim down by 150 jets by the middle of the decade, 50 more than previously planned, the German group said Monday. That could cost the equivalent of 5,000 posts on top of 22,000 that are already going, since the carrier believes each plane supports about 100 workers...

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