American Airlines to Cut Hundreds of Corporate Jobs

(Bloomberg) -- American Airlines Group is cutting hundreds of corporate jobs after reporting a loss in the third quarter, according to a person familiar with the matter.

Employees in mid-management level positions and support staff are being laid off, said the person, asking not to be named because the information is private. The cuts, which mostly affect employees based at the company’s headquarters in Fort Worth, Texas, start this week.

The airline’s shares were down 4.3% at 1:07 p.m. in New York. The company’s stock was down 24% through Monday’s close, compared to a 16% rise in the S&P 500.

“We’re making a small reduction to our management and support staff team to right-size for the work we do today,” an American Airlines spokesperson said in a statement, without disclosing the size of job cuts. “The positions are primarily at our Fort Worth headquarters and will help us optimize our performance and become even more efficient across the organization.”

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