HSBC Prepares to Cut Trading Jobs in Paris

(Bloomberg) — HSBC Holdings Plc is exploring plans to cut the jobs of almost all its Paris-based bankers working on structured derivatives products, according to people familiar with the matter.

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The move would affect the equity and fixed-income derivatives teams, the people said, asking not to be identified discussing private information. It’s not clear how many jobs will be affected. Europe’s biggest bank aims to cut 255 jobs throughout the 678-person French investment bank by early 2022, Bloomberg News has reported.

Some jobs will be moved to Asia, where most clients for those products are located, the people said, adding that the plans aren’t yet final.

The French cutbacks form part of a worldwide overhaul announced by Chief Executive Officer Noel Quinn last February, which aims to reduce gross risk-weighted assets by more than $100 billion and cut 35,000 jobs by 2022. London-based HSBC has focused particularly on

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Air New Zealand plans to cut up to 385 more cabin crew jobs

* Would take job losses to 37% of pre-COVID workforce

* Cuts are deeper than at rivals Qantas, Singapore Airlines

* Union calls on airline to stop outsourcing roles

SYDNEY, Sept 16 (Reuters) – Air New Zealand Ltd said on Wednesday it aims to cut up to 385 more cabin crew jobs due to the lack of long-haul international flying, which would take its COVID-19 related job losses to around 37% of its workforce.

The percentage figure is higher than the cuts to nearly 30% of jobs at Australia’s Qantas Airways Ltd and around 20% at Singapore Airlines Ltd.

Air New Zealand said in a statement it would need fewer cabin crew due to the decline in demand on North American routes, which had led it to reduce return flights to Los Angeles to three a week from daily and convert San Francisco flights to cargo only.

“In the foreseeable

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Raytheon to cut more than 15,000 jobs amid airline slowdown


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WALTHAM, Mass. — Raytheon Technologies Corp. plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker Pratt & Whitney and aviation and military equipment manufacturer Collins Aerospace amid the downturn in the airline industry, Chief Executive Officer Greg Hayes said Wednesday.

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The job cuts at the Waltham, Mass.-based company are nearly double the total it initially announced in July.

Hayes, speaking during a Morgan Stanley analysts conference via webcast, said the cuts amount to administrative cost reductions of about 20% at Pratt & Whitney, based in East Hartford, Conn., and about 12% at Collins Aerospace, based in Charlotte, N.C.

Pratt & Whitney has seen shop visits decline 60% since the second quarter, and Collins Aerospace saw a 65% drop in commercial spare parts orders, Hayes said, noting global commercial air traffic is down about 45% amid the coronavirus pandemic, down

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United Airlines announces biggest pilot job cut in its history

CHICAGO (Reuters) – United Airlines UAL.O is preparing for the biggest pilot furloughs of its history after announcing on Thursday the need to cut 2,850 pilot jobs this year, or about 21% of the total, without further U.S. government aid.

Airlines, reeling from the devastating impact of the novel coronavirus pandemic on air travel, have asked the U.S. government for another $25 billion to cover employee payroll through March.

The first tranche, which banned any job cuts until Oct. 1, expires at the end of September, but talks in Washington have stalled as Congress has struggled to reach agreement on a broader coronavirus assistance package.

United’s planned cuts, released in a memo to employees and shared with the media, would run between Oct. 1 and Nov. 30. They are significantly higher than the 1,900 announced earlier this week by Delta Air Lines DAL.N and 1,600 by American Airlines AAL.O.

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During COVID-19, The State Promised Not To Cut Funding For Shrinking Schools. But What About Growing Schools?: LAist

An example of what an L.A. Unified School District classroom could look like if campuses reopen. (Chava Sanchez/LAist)

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In normal times, the basic rule of California public school funding is simple: when a student attends a school, that school gets paid to educate them.

Back in June, state lawmakers suspended that rule, voting to freeze schools’ funding at last year’s levels for the rest of this year. They figured the last thing schools with declining enrollments needed during the COVID-19 crisis was less money.

But what about schools with enrollments that are rising? The state budget’s “hold-harmless” provisions could deny more than $500 million in funding to these growing schools and districts, according to an estimate from a group of

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Defence Science and Technology to cut 111 jobs – Strategy

The Department of Defence is planning to cut more than 100 staff from its research and development arm, known as the Defence Science and Technology (DST) Group.

The Community and Public Sector Union (CPSU) revealed the proposed job cuts on Thursday, which represent just under eight percent of DST’s total workforce.

The cuts will impact a total of 111 positions within six of the seven research division at what is Australia’s second largest public-funded R&D organisation after the CSIRO.

Only the cyber and electronic warfare division has been spared, according to documents sighted by iTnews.

The intelligence, surveillance and space division, martime division and aerospace division are the hardest hit, accounting for 76 of the “voluntary” redundancies.

Almost all the positions on the chopping block are located in South Australia (60) and Victoria (44), with the remainder situated in NSW and the ACT.

CPSU said the cuts were

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Finland’s Neste to cut up to 470 jobs

(Reuters) – Finnish biofuel producer and oil refiner Neste NESTE.HE plans to cut up to 470 jobs in Finland to seek 50 million euros ($59 million) of savings due to declining demand for fossil oil products, it said on Monday.

“The company is exploring the shutdown of its refinery operations in Naantali and focusing the Naantali site on the terminal and harbour operations, as well as transforming the Porvoo refinery operations to co-processing renewable and circular raw materials,” it said in a statement.

Neste, which has invested heavily in renewables, said in July it had delayed the expansion of its Singapore refinery from the middle of 2022 to the first quarter of 2023, citing the COVID-19 pandemic.

Neste said it continued to believe renewable energy solutions would grow in the coming years, but that the COVID-19 pandemic had substantially accelerated the decline in demand for fossil oil products, with no

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Singapore Airlines to cut 4,300 jobs due to pandemic, most in its history

By Jamie Freed

SYDNEY (Reuters) – Singapore Airlines Ltd <SIAL.SI> said on Thursday it would cut 4,300 positions, or around 20% of its staff, due to the debilitating impact of the coronavirus pandemic on demand in the largest job losses in its history.

The airline said after taking into account a recruitment freeze, natural attrition and voluntary departure schemes, the potential number of staff affected would be reduced to around 2,400 in Singapore and overseas.

The company reiterated its forecast that it expected to operate less than 50% of its normal capacity by its financial year end of March 31, 2021. It is currently at 8%.

The airline has no domestic network and is wholly dependent on international demand at a time when many borders remain effectively closed.

It said to remain viable in an uncertain landscape it would operate a smaller fleet and reduced network in coming years, having

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Lloyds to cut hundreds of UK jobs as it revives restructuring plans



a green sign hanging off the side of a building: Photograph: Will Oliver/EPA


© Provided by The Guardian
Photograph: Will Oliver/EPA

More than 1,200 staff at restaurant chain Pizza Hut and high street lender Lloyds Banking Group are facing redundancy, adding to a torrent of job cuts announced amid the pandemic.

Pizza Hut is considering closing up to 29 of its 244 UK outlets with the potential loss of 450 jobs.

The main UK franchisee of the US-owned business is also seeking to cut rents, asking landlords to base payment demands on turnoverat each outlet, under a restructuring deal called a company voluntary arrangement (CVA).

The deal does not affect the Pizza Hut delivery business, which is separately owned.

High street lockdowns, social distancing rules and fears of the virus have hit trade at restaurant groups that were struggling even before lockdown restrictions, forcing them to make cutbacks.

The planned closures and redundancies follow similar moves at fellow Italian specialists Pizza Express and

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Lloyds Bank and Pizza Hut cut more than 1,000 jobs

Lloyds Banking Group and Pizza Hut are the latest firms to announce job cuts during the coronavirus pandemic.

Lloyds said it was cutting 865 jobs in areas such as insurance and wealth management as it revived plans to restructure the business.

Separately, Pizza Hut is planning to close 29 restaurants with the loss of 450 jobs.

The restaurant chain said it was part of a rescue deal “to mitigate the financial impact of Covid-19”.

A raft of businesses have announced jobs cuts and closures as consumer demand has dried up during the crisis.

British employers planned more than 300,000 redundancies in June and July alone, as the country slipped into its sharpest recession on record.

Lloyds, which has about 65,000 employees, had warned of cuts in January but put them hold until the autumn due to the crisis.

While it is cutting posts, it also said it would create 226

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