IAG cutting 4,500 jobs in effort to save Iberia - UPDATE

British Airways owner International Consolidated Airlines Group, otherwise known as IAG, has revealed details of a 'transformation plan' to get its loss-making Spanish airline Iberia back on track, which includes the laying off of 4,500 employees.

British Airways owner International Consolidated Airlines Group, otherwise known as IAG, has revealed details of a 'transformation plan' to get its loss-making Spanish airline Iberia back on track, which includes the laying off of 4,500 employees.

To accompany its third-quarter results, the company said that a restructuring is needed to "save" Iberia and return it to profitability.

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