Collins Aerospace unveils temporary salary cuts, furloughs as result of travel decline
Cedar Rapids Gazette: Collins Aerospace announced it will institute a temporary pay cut for salaried employees and furloughs for hourly employees worldwide, following a drop in commercial and business travel during the coronavirus pandemic. Salaried workers will experience a 10% gross pay cut starting June 1 through the remainder of 2020, amounting to an approximate 6% decrease in their overall annual salary, according to a Collins Aerospace FAQ document dated Sunday. As part of the salary reduction, the company also has designated 15 holiday-adjacent days, between May 22 and Dec. 23, where those employees should not work. Furloughed hourly employees will continue to receive benefits but will not receive pay for hours not worked. 

Coronavirus ‘Great Lockdown’ to shrink global economy by 3% in 2020, IMF predicts
Reuters: The global economy is expected to shrink by 3% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said today. The IMF, in its 2020 World Economic Outlook, predicted a partial rebound in 2021, with the world economy growing at a 5.8% rate, but said its forecasts were marked by “extreme uncertainty” and that outcomes could be far worse, depending on the course of the pandemic.

10 states developing ‘reopening’ plans account for 38% of U.S. economy

Reuters: The 10 U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy. On Monday, three states on the West Coast and seven on the East Coast said they will develop coordinated regional plans. With the exception of Massachusetts, all are led by Democratic governors. Collectively the 10 states generated 38.3% of the total U.S. economic output in the fourth quarter of 2019, highlighting how much of the U.S. economy depends on its most populous states.

Wells Fargo first-quarter profit decimated as coronavirus boosts provisions

Reuters: Wells Fargo & Co.’s first-quarter profit plunged as it set aside billions of dollars to cover potential loan losses from the coronavirus pandemic. Wells, the fourth-largest U.S. lender, said today that quarterly profit fell to $42 million, or 1 penny per share, from $5.51 billion, or $1.20 per share, a year earlier. Analysts had expected a profit of 33 cents per share, on average, according to Refinitiv data. 

– JPMorgan profit plunges as banks brace for coronavirus hit (Reuters