Iberia to cut 4,500 jobs

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SPAIN’S airline Iberia announced they will be cutting 4,500 jobs.

This is nearly a quarter of its 20,000 strong workforce. This cut is part of a restructuring plan which includes changes in all areas of the business as part of an attempt to shake off its losses and return to profitability.

These cuts were announced just a day after International Airlines Group (IAG) launched its €113.4million takeover bid for Vueling in a bid to get the remaining 54.5 per cent of the capital of the company led by Josep Pique that is not already controlled by Iberia.

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IAG formed by the merger of Iberia and British Airways (BA) announced today (Friday November 9) that it lost €39 million in the first nine months of this year. This is in contrast to its €338 million profit during the same period last year.

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