Air Berlin’s New CEO Cuts 900 Jobs, Fleet to Save EU400 Million

Air Berlin Plc will cut 900 jobs, almost 10 percent of the workforce, at Europe’s third-largest discount airline and extend fleet reductions in a push to save 400 million euros ($535 million) by the end of 2014.

The turnaround plan, which began on Oct. 18, will focus Air Berlin on its main markets and impose a more stringent business model, the German company said in a statement today. Air Berlin will pare the fleet to 142 aircraft this year from 158 now, more than previously planned, and that it can’t exclude firings.