The Lufthansa Group said it would slash 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce, in an effort to cut costs. Carsten Spohr, CEO, said the cuts would take place over the next two years and help the group achieve savings of $99 million per year.  The job cuts amount to a loss of 700 to 800 full-time jobs by the end of 2021 out of a total workforce of 7,000 people, according to a statement. Austrian has been locked “in the mother of all battles” with low-cost rivals Ryanair and Wizz Air, Spohr told reporters in a conference call. Alexis von Hoensbroech, CEO of Austrian, said in a separate statement that the carrier has to reposition itself to be able to survive in the brutal competition with budget carriers. The Lufthansa group also includes Eurowings, Brussels and Swiss airlines.