United Drops as Nearly Half of Workers Warned of Job Losses By Investing.com

United Drops as Nearly Half of Workers Warned of Job Losses

Stock Markets Jul 08, 2020 11:49AM ET

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United Drops as Nearly Half of Workers Warned of Job Losses

By Christiana Sciaudone

Investing.com -- United Airlines Holdings (NASDAQ:UAL) Inc. warned 41% of its workforce that their jobs are at risk of being cut in October as a result of the pandemic, CNBC reported.

UAL shares were down 2% Wednesday, and 64% since the start of the year.

About 36,000 frontline employees of a total 88,000 have been told they may lose their jobs after federal payroll support funding ends October 1. United had announced plans for 25,000 flights in August and is now scaling back. It will fly about 35% of what it flew in August 2019.

American Airlines (NASDAQ:AAL) fell 2.3% and Delta was down 2.2%.

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