Finnair CEO Pekka Vauramo has just pushed through cost-saving measures that, while not unheard of, are rather substantial by European standards—especially for Scandinavia. Impo rtant labor groups, including the pilots, have recently agreed to various concessions that will reduce labor cost s by up to 20%, comparable to what Scandinavian Airlines (SAS) has achieved. But, as in SAS’s case, the Finnair model contains more risk than just high labor costs, although ...

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