Lufthansa sets €1 billion savings target

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Lufthansa confirms its is goal of saving €1 billion ($1.4 billion) through the end of 2011, according to an internal letter to employees sent by Lufthansa Passenger Airlines Chairman and CEO Cristoph Franz.

Apparently this will be done by reducing its administrative payroll by 20%, or 400 jobs, but there are no plans of any layoffs.