Home Uncategorized Deluge of job cut announcements as market ends positive Q3

Deluge of job cut announcements as market ends positive Q3

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US stocks closed out a second straight positive quarter on Wednesday, with the SP 500 up 7.9 over the past three months, but the day was marred by a swathe of job cut announcements from major firms worldwide. After Disney announced 28,000 job cuts on Tuesday, insurer Allstate said it was cutting 8 of its workforce, Royal Dutch Shell said it plans to cut up to 9,000 staff, and Goldman Sachs says it intends to resume layoffs following a pandemic freeze. Major US airlines are also heading towards a job cuts cliff, as the federal ban on cuts in the industry expires this week. If theres a clear and concrete path that says lawmakers are not quite done yet, but we will be done soon, of course well avoid job cuts, American Airlines CEO Doug Parker told CNN on Wednesday. However, later on a 20 billion extension of the Trump administrations proposed 1.5 trillion aid package was mooted specifically to help the beleaguered airline industry. This would be a six month extension.