7/2, 4:40 PM (Source: TeleTrader)
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American looking to reduce staff by 20,000 - report

American Airlines's workforce is 20,000-people too big for its upcoming fall schedule that was reduced due to the drop in demand caused by the coronavirus outbreak, the company reportedly told its staff on Thursday.

According to a memo seen by CNBC, the carrier's CEO Doug Parker and its President Robert Isom said: "We currently anticipate having 20% to 30% - or more than 20,000 - more team members on payroll than we need to operate our schedule this fall." Due to the issue, the airline asked its employees to take buyouts or opt for early retirement so that the company wouldn't have to resort to layoffs, the news organization stated.

American Airlines is one of the five companies that have taken loans from the US Treasury Department under the CARES Act. According to the agreement, the airline can't cut its workforce until September 30.

Breaking the News / BU