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Spanish airline Iberia axing 4,500 jobs

11 November 2012

Loss-making Iberia on Friday announced plans to axe 4,500 jobs to save Spain’s biggest airline from collapse and warned more cuts could follow against the backdrop of economic crisis in the Eurozone country.

To stem Iberia’s cash losses by mid-2013, the Spanish airline plans to slash its network capacity by 15 percent and downsize its fleet by 25 aircraft, including five long-haul jets.

Separately on Friday, IAG announced that the parent group’s net profits dropped 24 percent in the third quarter compared with the equivalent period last year, hit by losses at Iberia.

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