Couple things: AA can sell a ticket on a JB flight, but AA doesn’t keep really any revenue from that flight. All the arrangement does is keep more customers in the AA ecosystem by expanding the network and relevance. So there isn’t a lot of upside to AA dumping flying and having JB (or AS on the west coast) fill in the gaps...it’s just a means to keep network relevance where they haven’t been strong organically. It isn’t the same as when AA sells a ticket on an RJ where they keep all the revenue. In that RJ arrangement, it’s contracted out to someone who can do it cheaper. In the JB arrangement, it’s partnered flying to significantly expand each of their networks.

Pre-covid, in the only 2 markets in which the codeshare exists (NY/BOS), JB was 2.5x the size of AA at JFK and almost 2x as large in BOS in terms of passengers. This is more of a play to increase relevance for their network...same as AS on the west coast. If Vasu and Doug could have done it organically they would have...they stand to gain a lot more doing it that way.