Bombardier (Montreal) has announced it will cut 1,700 jobs, or around four percent of its staff, as it attempts to preserve cash after costly setbacks in the development of two new jets according to this report by Reuters.

Bombardier plans to eliminate 1,100 jobs in Canada and 600 in the United States.

Bombardier previously announced it would delay the entry of the new CS100 due to undefined issues. The company stated it needed more testing to make sure all of the systems were mature enough for entry into service. This delay was not anticipated by the company, hence the layoffs. The CS100 entry-into-service is now scheduled for the second half of 2015 and will be followed by the CS300 entry-into-service approximately six months afterwards.

Read the full report: CLICK HERE

Copyright Photo: Gilbert Hechema/AirlinersGallery.com. The first CS100 test aircraft, namely CS100 (BD-500-1A10) C-FBCS (msn 50001), is pictured on its first test flight at Montreal (Mirabel).