GE cuts 10,000 more aviation jobs

The aviation industry took another hammering from the coronavirus crisis Monday as GE cut 10,000 aerospace jobs and airline stocks fell on Warren Buffett’s weekend comments about the sale of his holdings in the sector. The new permanent lay-offs at GE Aviation come on top of 2,600 cuts to its US headcount last month and are expected to hit a quarter of a 52,000-strong workforce that stretches from Ohio to Europe over the coming months. US Treasury secretary Steven Mnuchin said it was “too hard to tell” if the US would relax restrictions on international travel to Asia and Europe this year. President Donald Trump was looking for “ways to stimulate travel”, Mnuchin said, but he suggested this effort would initially be limited to travel within the US. “To protect our business, we have responded with difficult cost-cutting actions over the past two months. Unfortunately, more is required as we scale the business to the realities of our commercial market,” David Joyce, CE of GE Aviation, wrote in a statement to employees.<br/>