Net Jets Cutting up to 350 Jobs

NetJets, which is owned by Warren Buffet’s Berkshire Hathaway, is making cuts in its unprofitable plane-leasing business. The company, which is undergoing reorganization under new CEO David Sokol, said in an email that severe economic conditions facing the airline industry have led to a decline in demand for flights. As many as 350 employees may be affected by the cuts.

Warren Buffet was a NetJets customer before purchasing the company in 1998.