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Swiss International Airlines to Cut 3,000 Jobs - 2003-06-24

Swiss International Airlines says it is cutting about 3,000 jobs as part of efforts to save more than $1 billion.

The airline said Tuesday it will also remove 34 aircraft from its fleet of 108 planes. The Swiss-based company, which has about 10,000 employees, says the job cuts are a "painful measure."

It says about half of the eliminated posts will be cockpit and cabin jobs, while the other half will be posts on the ground.

The company says its board of directors approved the measures on Monday. The airline, which was formed in March 2002, has lost hundreds of millions of dollars.