British Airways says it is looking to cut 3,700 jobs in addition to 2,500 positions already trimmed and will reduce capital spending.

The airline announced Friday it would wait up to two years to place orders for new Airbus A380 superjumbo jets, which had been envisioned as a new flagship for British Airways' long-haul fleet, the Financial Times reported.

The new job cuts are to be carried out by March 2010 and British Airways' capital spending this year will be slashed from $1.2 billion to $948 million, the newspaper said.

The airline says it is trying to absorb hits to its revenues from slackening air travel demand, especially from business-class travelers, while also reeling from having to sell many more seats at a discount. The airline is also engaged in a stand-off with employees as it seeks to cut costs and raise productivity, the Financial Times said.