Airbus has announced plans to slash up to 2,500 jobs in its defense and space division, citing a “complex business environment” marked by challenges including rising costs and “rapid changes in warfare.

Airbus, the European aerospace giant, announced on October 16 that it plans to lay off 2,500 employees to turn around its struggling defense and space division

European aircraft maker and Boeing rival Airbus said it's laying off 2,500 workers as it tries to turnaround its struggling defense and space division.