Max cont - your position is both financially naive and alarmist as to the actions of those trying to run the company.
BA, and most airlines do run a high risk of going bust. It is a cutthroat market, and many have failed in the past. BA's finances are not exactly rosy, with huge pension and debt liabilities. As Greece, Lehman and AIG prove, if your investors lose faith in you, the ground is not far away at all. When the IFCE cost base is so far removed from that of the competition, management have to act.
Management will always be looking for a way to cut costs - one would be naive to think otherwise. It is how companies survive and thrive in the long-term, and their employees will benefit as well to the extent that there is a company to pay their pension, and a company that can employ them, even raising salaries in future if the company achieves efficiencies better than competitors.
Unions seem to fail to realise that it is a symbiotic relationship - without the company, there is no industrial-corporatist state these days to keep them going. The days for the industrial-social collective are long gone and discredited - we could not afford it in the 1960s and we cannot afford it now as taxpayers.
If the company can survive and compete against those such as Emirates that continue to take the lead in operating and market efficiencies, the company might survive in the long-run. If not, then it is time for everyone to retrain.