Reports: United to drop Cleveland as a hub

United Continental Holdings (UAL) reportedly intends to stop using Cleveland as a hub and will axe 470 positions.

The airline will cut daily departures by 60% and eliminate most regional flights from the city.

"Our hub in Cleveland hasn't been profitable for over a decade, and has generated tens of millions of dollars of annual losses in recent years," United CEO Jeff Smisek said in a memo to staff. "The demand for hub-level connecting flying through Cleveland simply isn’t there."

United's plan comes after it said in November that it would reduce annual costs by $2B by 2017.

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