InterContinental Hotels Group Announces Job Cuts Following Profit Slump
InterContinental Hotels Group (IHG) will reduce its staff by 10% at the corporate level, its chief executive has said, after the Holiday Inn-owner's revenue more than halved and its profit slumped 82% during the first half of 2020.
The job cuts, which were announced internally in July, follow similar moves by other major hotel operators, including Accor and Hyatt Hotels, as they battle one of the worst downturns in the hotel industry.
"Delicate Balancing Act"
In a call with analysts, IHG CEO Keith Barr said, "As ever is the delicate balancing act, and as with many companies, this necessary reduction in cost has sadly had to involve looking at headcount across the business."
IHG currently employs approximately 400,000 people globally.