UK regional airline Flybe is to slash 500 jobs as part of a cost-cutting scheme that should save the airline an additional £26m ($42m) a year. The carrier is already undergoing a £40m ($64m) cost-cutting scheme, which was set to rise to £45m ($72m) during 2014 and 2015. The airline's new CEO, Saad Hammad, who started in August this year, said: "We are going to shrink to grow. Without these proposed cuts we cannot be viable." Hammad will also review the carrier's route, fleet and aircraft utilisation with a view to trimming them. Flybe currently employs 2,700 people after making 650 redundant last January.