British Airways to cut up to 12,000 jobs in survival fight

IAG SA will slash the work force at its flagship British Airways by almost 30 per cent in a painful restructuring aimed at shrinking the airline group for a downturn that could last for years.

IAG shares fell as much as 6 per cent Wednesday, after the airline group said that as many as 12,000 jobs will be lost at the U.K.s former state-owned airline.

A 1.3 billion-euro ($1.4 billion) charge from fuel and currency hedges added to the groups first-quarter operating loss, according to a statement late Tuesday. With its planes on the ground, IAG said operating results are likely to be significantly worse in the current period because the virus has pushed down demand.