HOUSTON (Reuters) – Marathon Petroleum Corp, the top U.S. oil refiner, is cutting 12% of its workforce amid continued declines in fuel consumption due to the COVID-19 pandemic, it said on Wednesday.

FILE PHOTO: A Marathon Petroleum banner covers an Andeavor sign outside the El Paso refinery Texas, U.S., October 1, 2018. REUTERS/Julio-Cesar Chavez

Refiners and oil producers have been dismissing staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil is trading down a third from where it began the year.

Marathon will incur an up to $175 million charge to third quarter earnings for the 2,050 job cuts, it reported to the U.S. Securities and Exchange Commission. About 20% of the charge will be recouped from its publicly traded pipeline unit, the company said.

The Findlay, Ohio, firm disclosed the workforce cuts after Reuters on Tuesday reported employees across the company had been notified of impending layoffs.

The cuts includes staff at its Martinez, California, and Gallup, New Mexico refineries, which in July were designated to close. The shutdowns and job cuts will lower overall costs beginning next year, Marathon said in a statement.

Employees of its retail gasoline business are not included in the 12% reduction. Marathon in August agreed to sell its Speedway unit to Japan’s Seven & i Holdings Co Ltd, a deal expected to close next year.

Red ink and job cuts are expected across the oil industry as results start rolling out next month. U.S. refiners typically gear up for winter heating oil demand after summer driving season ends. This year, heating oil and gasoline consumption are both depressed.

“The pandemic has resulted in near-record lows on diesel margins, the go-to product for refineries

(Reuters) – Goldman Sachs Group Inc

plans to move forward with “a modest number of layoffs”, a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.

Bloomberg News, which first reported about the layoffs, said the bank was looking to cut about 400 jobs, or roughly 1% of its workforce, citing people familiar with the matter.

“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions. The firm has made a decision to move forward with a modest number of layoffs,” a Goldman Sachs spokesperson said.

Many of the cuts in the current round are tied to back-office roles that had been folded into bigger money-making divisions as part of an earlier reorganization, according to the Bloomberg report Goldman Sachs’ annual cull has long set it apart from Wall Street rivals, which tend to make mass layoffs periodically.

In January, Goldman said it was aiming for a 60% efficiency ratio over the next three years, compared with 68% in 2019. A lower efficiency ratio means a bank is better at managing costs relative to revenue.

Separately, the U.S. Federal Reserve will curb big bank capital distributions through the end of the year, meaning the likes of JPMorgan

, Citi

, Wells Fargo

and Bank of America

will be barred from share buybacks and will have to cap dividends into the new year.

Shares of big banks fell between 0.5% and 1% in extended trade following the news.

(Reporting by Abhishek Manikandan and Akanksha Rana in Bengaluru and Matt Scuffham; Editing by Sriraj Kalluvila)

Copyright 2020 Thomson Reuters.

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a close up of a person talking on a cell phone: U.S. Representative Katie Porter (D-CA) speaks at a campaign town hall meeting with Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren (D-MA) in Mason City, Iowa, U.S., January 11, 2020. Brian Snyder/Reuters

© Brian Snyder/Reuters
U.S. Representative Katie Porter (D-CA) speaks at a campaign town hall meeting with Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren (D-MA) in Mason City, Iowa, U.S., January 11, 2020. Brian Snyder/Reuters

  • Rep. Katie Porter tore into Celgene CEO Mark Alles over price hikes on a cancer drug, during a congressional hearing on Wednesday.
  • Porter, alongside freshman congresswomen Rep. Rashida Tlaib and Rep. Ayanna Pressley, grilled the CEOs of Teva, Celgene, and Bristol-Myers Squibb as part of a House Oversight Committee investigation into the pricing of Teva’s Multiple Sclerosis drug Copaxone and Bristol-Myers Squibb’s multiple myeloma drug Revlimid. 
  • During the congressional hearing, Porter, a former consumer protection attorney, tore into Alles, writing key figures in her questions — such as how much the CEO makes, how much a single pill of Revlimid cost over the years, and how much his bonus was as a result — on a whiteboard to a striking effect.
  • “Did the drug start to work faster? Were there fewer side effects? How did you change the formula or production of Revlimid to justify this price increase?” Porter asked.
  • Alles confirmed that the manufacturing for the drug remained the same but said the drug was approved for new indications.
  • “To recap here: The drug didn’t get any better, the cancer patients didn’t get any better, you just got better at making money, you just refined your skills at price gouging,” Porter replied.
  • Visit Business Insider’s homepage for more stories.

Rep. Katie Porter grilled Celgene CEO Mark Alles Wednesday over price hikes on a cancer drug, which she said resulted in a half-million bonus for the pharma executive.


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Alles appeared before the House Oversight Committee alongside the CEOs of Teva and Bristol-Myers Squibb as part of a House investigation into the

Female doctors get paid less than male doctors, but a new study disputes the common wisdom that it’s because they work less.

a person looking at the camera

© Shutterstock

In fact, female doctors spend more time with patients, order more tests and spend more time discussing preventive care than their male counterparts, a team of researchers reported in the New England Journal of Medicine.


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“That raises the question of whether we are paying for what we really care about in health care,” said Dr. Ishani Ganguli, an internal medicine specialist at Harvard Medical School and Brigham and Women’s Hospital, who led the study team.

Ganguli and colleagues looked at billing and time data covering more than 24 million visits to primary care doctors in the US in 2017.

“We calculated that women were paid 87 cents to the dollar for every hour worked compared to their male colleagues,” Ganguli told CNN.

Female doctors spent an average of two minutes more per visit than men did. It doesn’t sound like much, but it adds up over time, Ganguli said. And they are not spending that time chit-chatting.

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“When you compare by visit, women actually did more during the visit,” said Ganguli, herself a primary care provider. “They put in more medical orders, they discussed more medical diagnoses and preventive care. They are spending more time per visit.”

Ganguli and her team did not sit in on visits, so they cannot say precisely what is going on. “We are using clues from billing information about what orders are put in, like for blood tests, or what diagnosis was talked about,” she said.

But other studies have indicated that patients and

LONDON (Reuters) – Britain’s Rolls-Royce

said it planned to raise 2 billion pounds ($2.6 billion) from shareholders, 1 billion pounds from the bond market and secure further loans to rebuild its balance sheet after COVID-19.

The pandemic has battered Rolls’s finances as airlines pay the company according to how many hours its engines fly in wide-body jets. Worries that a recovery in travel will take years have pushed its share price down by 80% this year.

Rolls said on Thursday that the 10 for 3 heavily discounted rights issue was fully underwritten at 32 pence per share, a 41% discount to the closing price of 130 pence per share on Wednesday.

In May, the company said it would cut 9,000 jobs as a result of the pandemic and its finances have been the subject of media speculation since.

“The capital raise announced today improves our resilience to navigate the current uncertain operating environment,” said Chief Executive Warren East in a statement.

Rolls, a key supplier to the government on military programmes, said that the UK government through UK Export Finance has also indicated it was ready to support an extension of its 80% guarantee of Rolls’ existing 2 billion pound five-year term loan.

It would support a loan amount increase of up to 1 billion pounds.

That is on top of commitments for a new two-year loan facility of 1 billion pounds, the company said.

(Reporting by Sarah Young; editing by Kate Holton)

Copyright 2020 Thomson Reuters.

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