FedEx is the first company to announce that it will cut its workers' wages:

FedEx on Thursday moved to slash employees’ salaries and other benefits in the face of what Fred Smith, chief executive, called “the worst economic conditions in the company’s 35-year operating history”.

The Memphis package delivery company, which has this year shed about $1bn in costs, reiterated that it expected earnings per share of $3.50 to $4.75 this year.