Kimberly Redmond | |

Bombardier Inc plans to cease production of its iconic Learjet aircraft later this year in an attempt to improve its bottom line.

On Thursday, the Montreal-based business jet manufacturer also said it will eliminate 1,600 jobs in Canada and the US as part of a strategy to generate $400 million in annual cost savings by 2023.

The downsizing announcement came as Bombardier reported a net loss of $337 million, $0.18 per share, for the final qua...