Air France (AF, Paris CDG) CEO Frederic Gagey is to unveil Air France-KLM's new cost-cutting plans on Wednesday, September 18, among which are severe staff cuts as well as a drastic reduction in the airline's cargo fleet. According to French paper, Les Echos, roughly 2'600-3'000 staff will be made redundant as the airline moves to reduce its and its subsidiaries' (HOP! (France) (A5, Paris CDG) and Transavia France (TO, Paris Orly)) operations at Marseilles, Toulouse Blagnac and Nice. But it is Air France Cargo that will bear the brunt of the cuts. Mr Gagey is expected to announce the phasing out of the airline's fleet of ten B747-400s, beginning with its three B747-400(F)s and B747-400(M). With the 747s gone by 2016, this will leave Air France Cargo with just two aircraft, both B777-Fs. As a direct consequence of this, the airline's freight operation at Paris Orly will be closed with the loss of 100 jobs. On the back of weaker than expected revenue inflows this year, Air France has not been able to realize its goal of cutting EUR1.5billion (USD2billion) in overheads and has thus been left with a deficit of EUR400million to trim by the end of 2014.