Southwest CEO says changes like charging for seat bookings and checked bags will make it over $4 billion next year

A Southwest Airlines Boeing 737.

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• Southwest Airlines is overhauling its business model, getting rid of its signature "Two bags fly free."
• The host of changes is expected to generate $4.3 billion, said CEO Bob Jordan.
• Wall Street is encouraged by the moves, with Deutsche Bank analysts upgrading their rating.

Southwest Airlines expects to make over $4 billion from the array of changes it's introducing.

That includes scrapping its...