The daily business briefing: September 30, 2020

Disney says it's laying off 28,000 workers, JPMorgan Chase agrees to $920 million market-manipulation settlement, and more

Disney fans
(Image credit: ROBYN BECK/AFP via Getty Images)

1. Disney laying off 28,000 employees as pandemic devastates theme parks

Disney on Tuesday told employees it was going to have to lay off 28,000 employees across the entertainment giant's parks, experiences, and consumer products division. The cuts were necessary to offset losses at parks that have remained closed due to the coronavirus pandemic, and low attendance at parks that have reopened. About 67 percent of the employees being laid off were part-timers, Josh D'Amaro, head of parks at Disney, wrote in the letter. Disney's theme parks in Florida, Paris, Shanghai, Japan, and Hong Kong have reopened but with limited capacity, while both California Adventure and Disneyland in Anaheim, California, have remained closed. D'Amaro wrote in the letter that management had "worked tirelessly" to avoid layoffs, but cutting expenses and capital projects didn't save enough money.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.