Hyatt Hotels to cut 1,300 employees as pandemic hits the travel industry

13.05.2020 - Petr Mazaylo
Hyatt Hotels to cut 1,300 employees as pandemic hits the travel industry

Hyatt Hotels Corp. (H.N) announced on Monday that it would terminate 1,300 employees worldwide beginning on June 1. The move comes after a sharp fall in global travel struck the hospitality industry as people stay home to prevent the spread of the coronavirus.

Hyatt Hotels implemented numerous restructuring measures to save money by making cuts to executive salaries and reducing other corporate employees’ pay. The company added that workers are eligible to receive severance pay, making it clear that these are permanent layoffs and not just furloughs.

On Tuesday, a Hyatt spokesperson stated that the cuts represent roughly a third of the staff at its Chicago headquarters.

“Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020,” the company said.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue

Help with deposit?