Big job cuts at Disney, Shell
Companies are getting more urgent and more ambitious with their cost-cutting plans as North America and Europe get ready for a full winter of Covid-19.
Walt Disney (NYSE:DIS) said it will cut 28,000 jobs from its theme park, retail and cruise operations – many of them part-time – while Anglo-Dutch oil major Royal Dutch Shell (NYSE:RDSa) said it will cut up to 9,000 jobs, or 11% of its workforce, to make it fit for a sustained period of low oil prices and a possible long-term decline in demand for oil and gas.
Walt Disney shares fell 2.4% in premarket trading, while Shell stock eked out a modest gain of 0.3%, marginally outperforming the broader market in Europe.