British Airways to slash up to 12,000 jobs over Covid-19 crisis

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LONDON: British Airways is to slash up to 12,000 jobs as part of a restructuring forced on the carrier by the fallout from the coronavirus, parent IAG said Tuesday.
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IAG, which also notably holds Iberia and Vueling, said in a statement it was taking the decision on the basis that it believed it would be some years before air traffic volumes would return to normal.
BA-owner IAG reported a big loss in the first quarter and warned about job cuts in sweeping restructuring measures aimed at weathering the crisis inflicted on the airline industry.
First-quarter operating losses before exceptional items were 535 million euros ($580 million), compared with a profit of 135 million a year ago as revenue dropped 13% to 4.6 billion euros.
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Pre-tax profits were hit by an exceptional charge of 1.3 billion euros due to overhedging of its fuel and foreign currency needs for the rest of 2020, it said.
Echoing comments from its rivals, the airline said in a statement it will take several years for passenger demand to return to 2019 levels.

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