Delta Airlines said Monday that it plans to cut more than 300 jobs and slash 2.5 million jobs from 2019 through 2023 as part of its planned $7.5 billion restructuring.
The airline said it will reduce its annual flight volume by approximately 10 percent.
It also will be cutting its hourly rate to $11.20, down from $14.50.
Delta also plans to consolidate its customer service operations and cut its fleet of Boeing 737 MAX planes.
The company said it would also discontinue its regional business in the Southeast.
Delta is also investing $200 million in its new airport in Atlanta, Georgia.
The airline is planning to spend $600 million on renovations and construction of the new facility, which it will open in 2019.
“We have a number of plans to make Delta more efficient and better serve our customers,” Delta CEO Doug Parker said in a statement.
“Delta is committed to investing in its infrastructure, and we are working to deliver a superior, more competitive, and more efficient Delta to our customers.”
The announcement comes just days after Delta announced it was cutting 7,500 jobs from its 737 fleet and closing several of its regional operations.
The airline had already announced plans to reduce its fleet to 1,400 planes.
According to the company, its 2019 operating results are expected to show an operating loss of $1.9 billion.
However, the airline’s stock is up about 20 percent in 2017 as of Tuesday morning, while Delta’s stock has dropped about 6 percent.
In 2017, Delta said it had $8.3 billion in net revenue and a profit margin of 10.4 percent.