JetBlue implementing new cost cuts, to cut more flights, CNBC reports

JetBlue (JBLU) is assessing the size and scope of the leadership team and that it has found ways to restructure certain leadership roles, CNBC’s Leslie Josephs reports, citing a note to staff from CEO Joanna Geraghty. The company believes the path to profitability will take longer, and that it will cut flights, pause retrofits, and park some planes amid softer than expected travel demand. “We’re hopeful demand and bookings will rebound, but even a recovery won’t fully offset the ground we’ve lost this year and our path back to profitability will take longer than we’d hoped. That means we’re still relying on borrowed cash to keep the airline running,” Geraghty said. Shares of JetBlue are down 5% in premarket trading.