Airlines can’t seem to cut capacity as fast as air travel is fading as businesses and vacationers pull back on plans. Industry analysts are slashing their expectations even faster, with cuts of 40 percent or more the norm.
Air Canada is laying off more than 5,000 flight attendants as the country’s largest airline cuts routes amid plunging demand. The layoffs will take effect by April and affect roughly 60 percent of flight attendants. Air Canada says it will suspend most of its international and U.S. flights by March 31.
GE Aviation will cut about 10 percent of its U.S. workforce. David Joyce, vice chairman of GE and CEO of GE Aviation, will give up half of his salary as of April 1.