Southwest Airlines’ share price was rising in pre-market hours as the airline announced plans to cut 1,750 corporate jobs, marking the first mass layoffs in its 53-year history. The cuts, representing 15% of the airline’s corporate workforce,

KEY TAKEAWAYS Shares of Southwest Airlines rose in premarket trading Tuesday after the carrier said it plans to cut 15% of its corporate workforce, eliminating about 1,750 jobs in the first large layoffs in its history.

Southwest Airlines Co.’s stock rose 0.5% Tuesday, after the carrier said it’s cutting 1,750 corporate positions, equal to 15% of that group, as it moves to cut costs and create a leaner organization.

The layoffs, which the company expects to complete by the end of the second quarter, are estimated to net $210 million in savings this year.

Southwest Airlines said it will slash 15% of its corporate workforce -- the first mass layoffs in the company's decades-long history -- as the airline looks to cut costs.

The company said the cuts, the first round of broad layoffs in the airline’s 53-year history, would affect mostly corporate employees.