Tuesday Coronavirus Update: United Reportedly Looking to Cut Jobs This Fall

Author:
Publish date:
Video Duration:
1:24

Good morning. 

Here’s your daily coronavirus update.

There are 3.6 million cases of the coronavirus worldwide with 251,000 deaths.

The U.S. has over 1.1 million and around 68,000 deaths.

Spain has 218,000 cases and 25,000 deaths. And Italy has 211,000 cases and 29,000 deaths.

United Airlines  (UAL) - Get Report is reportedly looking to cut 3,400 management and administrative positions in October. And pilots were told to prepare for a “displacement” that will affect roughly 30% of their ranks.

The management changes were being planned as the coronavirus pandemic has decimated the air travel industry and demand is seen as unlikely to recover.

The airline is among several that have accepted U.S. government payroll aid that bans job cuts until Sept. 30, Reuters noted.

“We have to acknowledge that there will be serious consequences to our company if we don’t continue to take strong and decisive action, which includes making decisions that none of us ever wanted or expected to make,” said Kate Gebo, executive vice president of human resources and labor relations, in a memo to United employees.

United Airlines trades around $26 a share, and is down over 70% over the past year. 

Watch More of the Latest Videos from TheStreet and Jim Cramer