Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Hilton to cut 2,100 corporate jobs globally

Published 16/06/2020, 16:46
© Reuters. Specialist Trader John O'Hara wears a Hilton branded bathrobe to celebrate Hilton's IPO, while working at his post on the floor of the New York Stock Exchange
HLT
-

(Reuters) - Hotel chain Hilton Worldwide Holdings Inc (N:HLT) said on Tuesday it would cut about 22% of its corporate workforce, or 2,100 jobs, following the coronavirus outbreak that has ravaged the global travel industry.

Hilton's announcement comes as the hotel industry has been among the worst hit by the pandemic, with travelers forced to cancel bookings and stay at home due to government enforced lockdowns.

Rivals Marriott International Inc (O:MAR) and Hyatt Hotels Corp (N:H) have also laid off or furloughed thousands of employees as bookings plunged.

Most hotel operators have signaled that a fall in bookings would hit a bottom in the second quarter, with a turnaround already taking place in key markets such as China, as the world's second-largest economy gradually reopens for business.

Hilton said it is also extending previously announced furloughs, reduced hours, and corporate pay cuts for up to an additional three months.

"Never in Hilton's 101-year history has our industry faced a global crisis that brings travel to a virtual standstill," Chief Executive Officer Christopher Nassetta said.

© Reuters. Specialist Trader John O'Hara wears a Hilton branded bathrobe to celebrate Hilton's IPO, while working at his post on the floor of the New York Stock Exchange

Hilton's corporate staff numbered 9,600 workers globally, while total employees were 173,000 at the end of 2019.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.