Financial Daily Dose 7.1.2020 | Top Story: Airbus to Cut 15,000 Jobs in Effort to Weather Pandemic-induced Drop in Air Travel

Robins Kaplan LLP

Robins Kaplan LLP

French aircraft giant Airbus is cutting 15,000 jobs—the “largest downsizing in the company’s history”—as it prepares for a “lasting decline” in airline demand in the wake of the coronavirus pandemic – NYTimes and WSJ and MarketWatch

More on the U.S.’s suddenly hot tech cold war with China, with the FCC on Tuesday designating Chinese telecomm firms Huawei and ZTE as “national security threats, cutting them off from billions of dollars in federal broadband subsidies” – NYTimes and Law360

Adidas HR exec Karen Parkin is stepping aside, just weeks after Black employees at the German athletic-wear and shoe company “pushed for her ouster amid a wider outcry over what they said were past acts of racism and discrimination at the company” – NYTimes and WSJ

Wall Street’s 2d quarter bounce-back is now official, with markets closing out June up and marking a 20-30% increase for the past 3 months—their best quarter in 20 years. Most analysts don’t expect the rest of the year to see similar growth – WSJ and Bloomberg

So what next? History suggests an “uneven path,” though one with a generally “positive trajectory” – MarketWatch

Pizza Hut’s largest U.S. franchisee, NPC International, has filed for bankruptcy protection. NPC operates more than 1200 Hut locations and has been plagued by virus and competition-related issues (as well as close to a billion in debt) – Bloomberg

Former Bridgewater Co-CEO Eileen Murray will take over as Finra’s chairperson effective in August. Murray stepped down from her co-leadership role at Bridgewater in March – WSJ

Goldman Sachs is nearing the end of lengthy negotiations with the DOJ in an effort to resolve allegations related to the firm’s role in the Malaysian 1MDB scandal. The sticking point so far? Goldman’s effort to avoid a guilty plea – Bloomberg

The latest from Chair Powell and Treasury Secretary Mnuchin’s day on the Hill, including a pledge for additional relief (without specifics) to “prevent lasting damage to labor markets and businesses” – WSJ and Law360

Digitally pouring one out in honor of a comedy legend, Carl Reiner, who died this week at 98 – NYTimes and WSJ

Stay safe,

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Robins Kaplan LLP

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