BP expects to take $17.5bn hit due to coronavirus writedown – The Guardian

The coronavirus lockdown has virtually halted international travel and tourism, hitting airlines and other travel companies, aerospace and auto manufacturers and oil companies hard.

As these businesses adjust to dramatically reduced revenue projections, job losses are starting to mount alarmingly. More than 40,000 redundancies have already been announced across these sectors, with more than 10,000 likely to be in the UK.

Rolls-RoyceThe jet-engine manufacturer has confirmed that3,000 job cuts, of a planned 9,000 worldwide, will be made in the UK. Rolls-Royce will make the first round of redundancies through a voluntary programme, with about 1,500 posts being lost at its headquarters in Derby, as well as 700 redundancies in Inchinnan, nearGlasgow, another 200 at its Barnoldswick site in Lancashire and 175 in Solihull, Warwickshire.

BentleyThe luxury carmaker intends toshrink its workforce by almost a quarter, slashing 1,000 roles through a voluntary redundancy scheme. The majority of Bentleys 4,200 workers are based in Crewe, Cheshire.

Aston Martin LagondaThe Warwickshire-based luxury car manufacturer has alsoannounced 500 redundancies.

BPThe oil company plans to make10,000 people redundant worldwide, including an estimated 2,000 in the UK, by the end of the year. The BP chief executive, Bernard Looney, said the majority of people affected would be those in office-based jobs, including at the most senior levels. BP said it would reduce the number of group leaders by a third, and protect the frontline of the company, in its operations.

British AirwaysThe UK flag carrier is holding consultations tomake up to 12,000 of its staff redundant, a reduction of one in four jobs at the airline. BA intends to cut roles among its cabin crew, pilots and ground staff, while significantly reducing its operations at Gatwick airport.

Virgin Atlantic Richard Bransons airline is tocutmore than 3,000 jobs, more than a third of its workforce, and will shut its operations at Gatwick.

EasyJetThe airline has announced plans to cut 4,500 employees, or 30% of its workforce.

RyanairThe Irish airline intends to slash 3,000 roles and reduce staff pay by up to a fifth.

P&O FerriesThe shipping firm intends to cut more than a quarter of its workforce,a loss of 1,100 jobs. The company, which operates passenger ferries between Dover and Calais, and across the Irish Sea, as well as Hull to Rotterdam and Zeebrugge, will initially offer employees voluntary redundancy.

CentricaThe owner of British Gas is to slash 5,000 jobs, saying it was looking to cut costs by simplifying its business structure. The company is removing three layers of management, with more than half of the job losses falling on leadership roles, including half its 40-strong senior team.

Johnson MattheyA major supplier of material for catalytic converters in cars, Johnson Matthey announced plans to make 2,500 redundancies worldwide, or 17% of its total workforce. The group said it was the result of the pandemic and the uncertain outlook for the car industry.

Heathrow AirportVoluntary redundancy has been offered to all of its 7,000 direct employees after coronavirus wiped out its passenger traffic.

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BP expects to take $17.5bn hit due to coronavirus writedown - The Guardian