Summary List Placement
This is a developing story. Check back for updates.
SEE ALSO: 20 major companies that have announced employees can work remotely long term
WarnerMedia told the Wall Street Journal on October 8 that it plans to cut thousands of jobs in order to reduce costs by 20%. The company’s first round of cuts in August were expected to impact 600 employees, mostly at Warner Brothers and DC Comics. Those cuts included top executives.
Source: Wall Street Journal
As of October 5, Southwest was asking its labor unions to accept pay cuts to dodge furloughs and layoffs through the end of next year. Previously, the airline offered extended leave and exit packages. Roughly 28% of its workforce accepted such packages in July.
Source: Reuters, Wall Street Journal
Cineworld, which owns Picturehouse and Regal, closed all their theaters worldwide on October 5. The closures impact 40,000 jobs in the US and 5,000 jobs in the UK.
Exxon was laying off 1,600 employees in Europe as of October 5. The cuts represent 2% of its global workforce.
American Airlines had previously announced cutting 20% of the company’s workforce upon the expiration of federal aid. The airline was set to furlough 19,000 employees on October 1.
Source: CNBC, Business Insider
On October 1, United Airlines furloughed 13,000 people. The company had previously said 16,370 jobs would be impacted by cuts.
In a July 30 internal memo, United Airlines said it would furlough a third of its pilots — 3,900 people. The airline had announced on July 8 that it would issue layoff and furlough notices to 36,000 employees, including 2,250 pilots and 15,000 flight attendants. Before that, in a leaked May 4 memo, United Airlines said it expected to lay off at least 30% or some 3,400 employees on its administrative staff.
Sources: Business Insider, Chicago Tribune, Business Insider, The Points Guy, Business Insider, Business Insider
Goldman Sachs is cutting 400 jobs, or 1% of its workforce, after briefly pausing job cuts amid the pandemic, Bloomberg reported on September 30.
Source: Business Insider, Bloomberg
Allstate, the home and auto insurer, said it would lay off 3,800 employees — or 8% of its workforce — on September 30. CEO Thomas Wilson said the insurer would allow employees to stay on their medical plan through the end of the year while talent acquisition staff helps those impacted by the cuts find new employment.
Source: Wall Street Journal
Oil giant Shell is cutting up to 9,000 jobs, or roughly 10% of its workforce, as of September 30. The layoffs are meant to cut costs amid the pandemic, as well as position the company to move away from fossil fuels.
Disney announced on September 29 that it was cutting 28,000 jobs from its theme parks division as the coronavirus pandemic continues to heavily impact that side of its business. The layoffs will most heavily affect part-time employees. CNBC reported in August that park shutdowns cost the …read more
Source:: Business Insider