Northwest, Foreign Carriers Cut Payrolls

The drumbeat of airline layoffs continued, with Northwest Airlines Corp. announcing it will cut 10,000 jobs. Foreign carriers, including British Airways, Virgin Atlantic of Britain, Brazilian carrier Varig and Aerovias de Mexico, also said they’re slashing thousands of jobs as international travel plummets in the wake of the Sept. 11 terrorist attacks.

Meanwhile, top executives at three regional carriers--Frontier, Mesa and Vanguard--said they will cut their own pay by 10% to 50%.

There are a few bright spots in the business: Steve Brechter, chief operating officer of Executive Jet, an international charter company based in Columbus, Ohio, said his company projects 25% annual growth and has been swamped with calls from furloughed pilots looking for work.

“The good news is that we can absorb a lot of them, especially the more experienced pilots,” Brechter said.