November, 2020

• 8 November

  EasyJet sells jets to raise cash reserves

  

  Bloomberg EasyJet Plc boosted cash reserves via a new round of aircraft sales as a wave of coronavirus lockdowns pushes it to deepen capacity cuts. Britain’s biggest discount carrier raised $169.5 million through the sale of 11 Airbus SE jets, which it will lease back, according to a statement. The move takes the number of planes involved in such transactions …

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• 8 November

  Coty surges as sales declines ease amid pandemic slump

  

  Bloomberg Coty Inc soared after the maker of Covergirl and Sally Hansen reported sales declines that abated from the previous quarter. Revenue excluding the company’s Wella business, which is being sold, fell 20% to $1.1 billion in the quarter ended on September 30. Including Wella, the decline was 13%, compared with a drop of 56% in the previous quarter. Chief …

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• 8 November

  Southwest warns workers of first layoffs in company history

  

  Bloomberg Southwest Airlines Co issued notices for what could be the first involuntary furloughs in its 49-year history, saying a union declined to discuss concessions aimed at cutting payroll costs. Forty-two workers who manage parts inventory and are represented by the Teamsters union received federally required notices that they could be laid off as of January 11, the Dallas-based airline …

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• 8 November

  JetBlue Air adds NY trips during thanksgiving

  Bloomberg JetBlue Airways Corp is adding flights from the New York area during Thanksgiving week in a bid to tap an uptick in demand amid the coronavirus pandemic, just as Governor Andrew Cuomo is beefing up enforcement of quarantine restrictions. The 25 nonstop flights will operate between November 20 and November 30 from New York’s John F Kennedy International as …

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• 8 November

  StanChart to rollout flexible working option from 2021

  

  Bloomberg Standard Chartered Plc plans to offer flexible work options to more than 90% of its 85,000 staff over three years, a sign of how pandemic crisis management is leading to long-term change in the role of the office. The bank said about half its staff will be able to apply for some form of hybrid work from early 2021. …

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• 8 November

  Deutsche raids StanChart team in China wealth push

  

  Bloomberg Deutsche Bank AG has added nine Standard Chartered Plc bankers to its team servicing wealthy clients in China and Hong Kong, according to a person familiar with the matter, continuing a raid on its London-based rival that began with the hiring of Boris Kwok. The appointments, which were made in recent months, bring Deutsche Bank’s total hires from Standard …

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• 8 November

  Cuts from Santander to ING take banking job losses above 75,000

  

  Bloomberg Even as European banks reported lower-than-expected loan losses and strengthening capital ratios in the third quarter, the job cuts kept coming across the continent. Spain’s Banco Santander SA plans to get rid of as many as 2,000 staff at its Polish business. Britain’s Lloyds Banking Group Plc announced it was cutting about 1,070 roles, mostly at its technology and …

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• 8 November

  UK banks denied Covid loans to 150,000 firms

  

  Bloomberg British banks turned down more than 150,000 applications for government-guaranteed business loans during Covid-19 outbreak in an effort to prevent fraud, according to industry watchdog. The Financial Conduct Authority (FCA) told lenders not to relax their checks on potential borrowers when they offered credit under the Coronavirus Business Interruption Loan and Bounce Back Loan programs, according to CEO Nikhil …

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• 8 November

  Citi, Barclays push back against reflation doom, gloom

  

  Bloomberg Two days after fading odds of a Blue Wave Congress appeared to kill off the reflation trade, Citigroup Inc. and Barclays Plc see signs of life. While the likely failure of the Democratic Party to take over the Senate means any fiscal splurge will probably be smaller, the prospect of increased Federal Reserve stimulus enhances the appeal of inflation-linked …

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• 8 November

  Wells Fargo to freeze raises for high earners

  Bloomberg Wells Fargo & Co. plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans. The measure, revealed to some managers on a conference call, will halt increases in base pay in the coming year for employees making more than $150,000, …

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