Online travel agent Booking.com has told employees in an internal memo that layoffs from the company are "probable", just days after the Financial Times reported it had received a $4 billion loan in bonds from investors to fend off severe effects caused by the coronavirus crisis.

In a video conference held with hundreds of employees, Booking.com chief executive Glenn Fogel is believed to have said cost-cutting would likely be necessary across different parts of the company, according to the Financial Times' report.

One of Booking.com's key competitors, Expedia Group, has already been forced to make 3000 employees redundant  since the turn of the year as reality bites.

Booking.com is committing to slash marketing expenditure, executive salaries and hirings for the foreseeable future, as a major cost-cutting exercise and bookings continue to drop to 85 per cent year-on-year in April compared to the same period in 2019.