British Airways to Cut 5,800 Additional Jobs
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British Airways announced an additional 5,800 job cuts, taking total layoffs in the last five months to almost a quarter of the work force as it fights to return to profitability.
Europe’s biggest airline is hurtling this year toward its biggest loss since it was privatized 15 years ago, struggling to cope with a slump in demand for air travel, rising competition from no-frills carriers and a heavy debt burden.
In response, the carrier said its “future size and shape” review would carve out $928.3 million in annual savings by March 2004.
The airline already had cut 7,200 jobs after the Sept. 11 terrorist attacks, which shattered demand for transatlantic air travel, its most lucrative route.
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