Business & GA

NetJets Europe has been forced to cut 6% of its workforce - around 100 employees - as a result of the global economic downturn that continues to hammer its fractional and charter card businesses.

The move comes five months after Europe's only fractional ownership company introduced a number of voluntary redundancy programmes for its pilots in an effort slash 60,000 excess duty hours from its roster - equivalent to 300 full-time pilots. NetJets' US-based sister company last month slashed 5% of its workforce - around 300 jobs - as part of a reorganisation effort initiated by its new chief executive David Sokol.

This latest round of cuts at NetJets Europe are focused on the operations centre in Lisbon that has been hit hard by the drop in hours flown by NetJets customers over the past 12 months.

"Due to the nature of the jobs here, these cuts will be compulsory," says the Berkshire Hathaway-owned company, adding that "affected staff were offered an exit package that is more than double Portuguese legal requirements".

NetJets Europe's chief operating office Robert Dranitzke says: "Due to the severe and sustained nature of the global economic downturn we have taken difficult but necessary action to align our business with market demand. We remain focused on providing our owners with the highest levels of safety and customer service."