Job cuts

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.

Airline CEOs and unions are seeking another $25 billion in federal aid to preserve jobs through March.

The chief executive officer of Raytheon Technologies Corp. said Wednesday the aerospace and defense giant will cut 15,000 commercial aerospace jobs this year at Pratt & Whitney, Collins Aerospace and in corporate offices in response to the steep drop in aviation caused by COVID-19.