United Airlines Reports Huge Loss

By Scott Friedman
|  Wednesday, Jan 21, 2009  |  Updated 10:04 AM CDT
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United Airlines Reports Huge Loss

AFP/Getty Images

United Airlines announced this morning that it will layoff 414 mechanics at San Francisco airport.

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United Airlines announced a 4th Quarter loss of $1.3 billion Wednesday and reports suggest the company may cut 1,000 jobs. 

In a news release the company said, "Fuel prices drove the company's losses in 2008." 

United Airlines isn't alone in the financial crunch.  On Wednesday, Fort Worth-based AMR Corp., parent to American Airlines, said they lost $340 million in 4Q and $2.1 billion in 2008.

Market Watch.com reported that United plans to cut salaried and management positions, as the company tries to improve its financial position.

The airline industry has faced a two front battle in recent months, trying to recover from the high fuel prices of early 2008, followed by a decline in passenger demand that began as fuel prices eased but the global economy soured.

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