Hyatt Hotels will slash 1300 jobs globally starting June.

The job cuts are the latest blow to the hospitality and travel industry as the pandemic pummels demand and people stay home. Hyatt is already cutting pay for senior managers, board members and all employees as part of a restructuring.

It said it now needs to take additional measures, citing "the historic drop in travel demand and the expected slow pace of recovery."

The layoffs add up to a little over 2 percent of Hyatt’s 55,000 employees. Laid off staff, it said, would be eligible for severance pay.

The announced cuts come one week after Hyatt reported a quarterly loss of more than $100 million and the suspension of its dividend and share buyback program.

The hotel industry estimates the outbreak is causing it to lose nearly one-and-a-half billion dollars in revenue every week.