British Airways PLC says it is shedding 1,000 fulltime jobs and putting 3,000 more employees on part-time work and reducing size of cabin crews at Heathrow in an effort to get the troubled airline's finances back in order.

BA spokesman Paul Marston said Tuesday the company was in "a very serious financial position" and was working hard to turn itself around with an aggressive cost-reduction program.

Marston says the job losses and part-time work will be accomplished voluntarily and would be equivalent to cutting 1,700 positions. He also announced a companywide freeze on basic pay and said cabin crews operating out of London's Heathrow Airport would be downsized.

BA says in a statement that revenues are down.