Swiss said it would also require SFr500 million in additional financing to ensure financial stability during the restructuring.
Around 700 pilots and 850 cabin crew will lose their jobs. Up to 1,500 ground staff are also affected.
The loss of 34 aircraft will reduce the size of the Swiss fleet to 74 planes, excluding charter vessels.
The airline is cutting its long-haul fleet from 25 to 18 aircraft, the medium-haul fleet from 24 to 21, and the regional fleet from 59 to 35.
"The board of directors is convinced that the planned restructuring is an essential condition for the survival of Swiss," the airline said in a statement.
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