U.S. Airlines Rush to Cut Costs While Congress Studies Bailout
- United job reductions could begin in two weeks without help
- Delta ends dividend, buybacks amid $50 million daily cash burn
This article is for subscribers only.
U.S. airlines are rushing to cut costs as Congress weighs a $58 billion bailout to help the industry cope with collapsing travel demand from the coronavirus pandemic.
United Airlines Holdings Inc. said it will begin laying off employees in less than two weeks unless lawmakers approve aid, while Southwest Airlines Co. is slashing more flights. Delta Air Lines Inc. suspended its dividend and share repurchase program hours after President Donald Trump said he wants a ban on stock buybacks for companies receiving federal aid.