Iberia is cutting 11%of its seat capacity and axeing 2,516 jobs in the wake of the 11 September attacks. The Spanish flag carrier is also cancelling all wet-lease contracts, postponing the delivery of new aircraft, and bringing in other cost-cutting measures. Iberia says without these measures, the company would lose 46.7 billion pesetas ($248 million) instead of a projected 17.5 billion pesetas with them.

Source: Airline Business