International Airlines Group (IAG), the owner of British Airlines and Iberia, has announced plans to cut 4,500 jobs to reduce losses at its Spanish carrier. It is expected that in the current year the company will register an operating loss of €120 million.
"Iberia is in a fight for survival and we will transform it to reduce its cost base so it can grow profitably in the future," IAG chief executive Willie Walsh stated.
Alongside job cuts, the other two measures that will be implemented as part of IAG's restructuring plan are the reduction of Iberia's network capacity and the number of planes in operation by 25.
In 2012, Iberia has incurred losses and has been troubled by numerous strikes.
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