text1: Atlanta-based Delta Air Lines announced plans to cut 7,000 to 9,000 jobs by the end of 2007, approximately 17% of its employees. CEO Gerald Grinstein will take a 25% pay cut. Executives have their pay cut by 15%. Other employees will have their pay reduced by 7 to 10%. Employees that make less than $25,000 a year will not be affected by these pay cuts. Delta has already cancelled leases on 40 aircraft and they plan to reduce its fleet by at least 80 more. They plan to reduce domestic capacity by 15 to 20 percent and increase international capacity by 25 percent.
text2: European Airlines are cutting jobs.