jetBlue Airways (B6, New York JFK) has announced it will reduce its New York headquarters' headcount as it seeks to reduce costs by USD300 million by 2020.

According to CNBC, the carrier organised a series of meetings on July 20 to communicate the changes to the staff. The cuts will affect primarily managerial staff and will be conducted through layoffs, elimination of currently open positions, and voluntary resignations. Flight crews and other customer-facing employees will not be affected.

The airline did not say how many staff members would leave the company. It employs some 17,500 full-time workers, including around 1,200 at its headquarters.

The move is part of a broader cost-cutting initiative announced in December 2016 and is the first such in-depth restructuring since the company was launched in 2000.

jetBlue posted a USD1.15 billion net profit in 2017, a 51.2% increase relative to the year before. However, it has been under a growing pressure from shareholders and analysts to reduce its costs. In the first quarter of 2018, the airline posted a USD88 million net profit, a 7% increase year-over-year, but its operating margin dropped by 1.6 percentage points to 7.3%.