The French carmaker Renault plans to cut 14,600 jobs as it aims to save €2bn (£1.8bn) in one of the deepest restructuring programs prompted by the coronavirus pandemic across the global car industry. Renault will cut 4,600 jobs in its French operations, which will undergo a major reorganization and another 10,000 around the world.
Britain's biggest building society Nationwide has seen its profits plunge by 40% after taking a £101m hit from the coronavirus pandemic. The lender said its underlying profit before tax plunged from £788m in 2019 to £469m this year on underlying income of just over £3bn.
British Airways is proposing to outsource work being done by at least 450 employees it is making redundant. The Labour party said the proposals were “disturbing news” and called for the government to scrutinize the plans. The airline, owned by International Airlines Group (IAG), is also considering closing its operation at Heathrow’s Terminal 3 completely and shrinking its footprint at Terminal 5.
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