Air Canada to cut 1,700 jobs, reduce capacity by one-fourth

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The U.S.-listed shares of Air Canada shed 2.0% in midday trading Wednesday, after the Canada-based air carrier said it will cut 1,700 jobs as part of a network adjusted that includes cutting capacity by an additional 25%. The company said the job cuts are in addition to the more than 200 employees impacted at its Express carriers. In 2019, Air Canada had about 33,300 employees. The stock’s selloff is adding to the broader weakness in the airline sector. The U.S. Global Jets ETF , which counts Air Canada as a components, slumped 1.1%. Among the ETFs more active U.S.-based components, shares of American Airlines Group Inc. fell 1.3%, Delta Air Lines Inc. dropped 1.1% and United Airlines Holdings Inc. declined 0.7%.
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