Job cuts

U.S. employers sharply scaled back their hiring last month as the coronavirus pandemic put new pressure on restaurants, retailers and other businesses. The Labor Department said Friday that employers added just 245,000 jobs in November, down from a revised 610,000 in October.

Kristen Lupo, Nike's vice president of Total Rewards, said in the statement that bumping rights will not be available for affected employees and that those not represented by a labor organization will be notified directly.

Wells Fargo & Co WFC.N has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said on Wednesday.

Cineworld CINE.L, the world's second-biggest cinema chain, will close its UK and U.S. movie theaters this week, leaving as many as 45,000 workers unemployed for the foreseeable future as it fights to survive a coronavirus collapse in film-making and cinema-going.

A tepid rebound in fossil fuel demand and longer-term concerns about renewable energy and electric vehicles are driving down company values.

Walt Disney Co said on Tuesday it will lay off roughly 28,000 employees, mostly at its U.S. theme parks, where attendance has been crushed by the coronavirus pandemic, especially in California where Disneyland remains closed.

Goldman Sachs Group Inc GS.N plans to move forward with "a modest number of layoffs", a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.

Marathon Petroleum Corp MPC.N, the top U.S. oil refiner, is cutting 12% of its workforce amid continued declines in fuel consumption due to the COVID-19 pandemic, it said on Wednesday.

American Airlines and United Airlines, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington.

United Airlines’ pilots agreed to reduce their hours to avoid furloughs of close to 3,000 pilots.