UPDATE 1-Bombardier to cut jobs as jet orders drop

* Bombardier to lay off 715 workers

* Severance estimated at $10 million

* Orders for regional jets fall (Adds details. In U.S. dollars)

TORONTO, Nov 26 (Reuters) - Bombardier Inc (BBDb.TO) said on Thursday it planned to cut more than 700 jobs at one of its Canadian Aerospace plants as orders for new aircraft have slipped.

The Montreal-based plane and train maker said the 715 job cuts at the Montreal plant would take effect in January 2010 and would last through the first two quarters of the next fiscal year as it scales back production of its CRJ line of regional jets.

The number also includes some layoffs related to the decrease in the Bombardier 415 amphibious aircraft production rate.

The company estimates severance costs associated with this latest reduction to be about $10 million. ($1=$1.05 Canadian) (Reporting by Scott Anderson, editing by Maureen Bavdek) ((scott.anderson@thomsonreuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net))