CHICAGO (Reuters) – United Airlines Holdings (O:) told employees on Sunday that it expects to book $1.5 billion less revenue in March than the same time last year, and is taking further measures to address a situation it said is getting worse.
In a memo, United said it would cut corporate officers’ salaries by 50% and reduce flight capacity by about 50% in April and May, with deep capacity cuts also expected into the summer travel period.
“Even with those cuts, we’re expecting load factors to drop into the 20-30% range — and that’s if things don’t get worse,” United Chief Executive Oscar Munoz and President Scott Kirby said in the memo.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment