American Airlines will eliminate 30% of management and administrative jobs at the carrier as it moves to slash costs amid the impact of COVID-19 on the travel industry, according to an internal memo. The company is also offering voluntary buyouts through June 10 in a further bid to rein in expenses as it loses millions of dollars daily operating fewer flights. Although American Airlines received federal financial assistance to help lessen the blow from the coronavirus, "we need to reduce our...

Federal Reserve Chairman Jerome Powell said Friday the coronavirus is having a disproportionate impact on low-income workers in the U.S., saying the pandemic is "falling on those least able to bear its burdens." Speaking in an online discussion with Princeton University economist Alan Blinder, a former vice chairman of the Fed, Powell said there is "tremendous inequality" in how the health crisis and the steep recession it has caused is affecting Americans. "If you were someone who made...

Carnival Cruise Lines is already planning to set sail even as a federal order bars the crew on some of its ships from disembarking in the U.S. because of coronavirus concerns. The embattled cruise operator said Monday that it will resume service on its North Americans lines on August 1. Starting August 1, a total of eight Carnival ships will operate from three U.S. cities, the company said: Galveston, Texas: Carnival Dream, Carnival Freedom, Carnival Vista Miami: Carnival Horizon, Carnival...

Neiman Marcus declared bankruptcy on Thursday, making it the largest U.S. retailer to collapse since the coronavirus outbreak devastated the U.S. economy. The high-end department store chain had nearly $5 billion in annual sales, according to its most recent public financial statement. CEO Geoffroy Van Raemdonck said the company and other retailers are "facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business," according to a...

The coronavirus' seismic hit on the U.S. economy is rattling people's finances. Roughly 41% of working-age adults say their families have experienced a job loss, a decrease in work hours or other employment-related declines in income in recent weeks, according to a new analysis by the Urban Institute. Underscoring the jump in financial distress around the country: More than 4 in 10 of Americans whose work was affected by the pandemic said they weren't able to pay the rent, mortgage or utility...