(Bloomberg) -- General Electric Co.’s aviation division will cut 10% of its U.S. workforce as the coronavirus outbreak saps demand for commercial air travel and upends the global economy.

GE expects to save $500 million to $1 billion this year through a combination of headcount reductions, cost cuts and reductions in executive compensation, Chief Executive Officer Larry Culp said Monday in a statement.

Culp will forgo the remainder of his salary for 2020, while GE Aviation’s David Joyce will give up half of his salary.

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