A SPANISH airline is to slash nearly a quarter of its workforce as it fights to overcome record losses.
Iberia will cut 4,500 jobs after the Spanish carrier, owned by the same company as British Airways, revealed it is losing €1.7 million a day.
The redundancies, one of the largest ever staff reductions in Spain, amount to 22% of the airline’s workforce and are intended to help secure 15,500 other jobs at the airline.
Other measures being taken include reducing network capacity by 15% to focus on the most profitable routes and cutting 25 aircraft from its fleet.
“Iberia is in a fight for survival, it is unprofitable in all its markets and we have to take tough decisions now to save the company and return it to profitability,” said Iberia CEO Rafael Sanchez-Lozano.
“Unless we take radical action to introduce permanent structural change the future for the airline is bleak.
“However, this plan gives us a platform to turn the business around and grow,” he added.