Iberia to cut 4,500 jobs under IAG restructuring plan
British Airways-owner IAG has announced 4,500 job cuts at Iberia as part of a widely anticipated restructuring of the Spanish carrier.
Iberia is cutting its 156-strong fleet by 25 aircraft, and reducing 15% of its network capacity, with the airline focusing on the most profitable routes.
The plan aims to stem Iberia's cash losses by mid-2013, and raise profits by at least 600m euros ($766m; £479m).
IAG also revealed a 30% drop in pre-tax quarterly profits to 221m euros.
Jeremy Howell reports.