Canadian plane and train maker Bombardier will cut its workforce by about 7,000 over the next two years, it has said.
Job losses will be partially offset by hiring for the production of its CSeries commercial jets, it said.
It is cutting 580 jobs from its Belfast operation this year and potentially a further 500 next year.
Bombardier says it is Northern Ireland’s largest manufacturing employer.
Around 200 Bombardier employee jobs in Northern Ireland are currently at risk of redundancy.
Bombardier will also cut 270 management and contractor jobs at its trains business in the UK. The UK rail business employs 3,500 people.
The firm said it had made a net loss of $5.3bn (£3.7bn) in 2015, and had revenues of $18.2bn – 10% lower than the year before.
Bombardier also forecast lower revenues for 2016, saying it expects to generate between $16.5bn and $17.5bn.
The 7,000 posts to be cut will include 2,000 contractors, and will fall mainly on the transportation and aerostructures parts of the business.
The company said it had signed a letter of intent with Air Canada for up to 75 CS300 aircraft for as much as $3.8bn, based on the list price.
Bombardier has been helped by recent cash infusions from the Quebec pension fund, Caisse de Depot et Placement du Quebec, and the Quebec provincial government.