Boeing to cut 17,000 jobs amid $5B losses, strike, and production delays.

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Boeing has announced plans to cut about 10% of its workforce, or around 17,000 jobs, due to ongoing financial losses and a strike by factory workers since mid-September.

Key details:

  • Financial Impact: Boeing is projecting losses of $5 billion for Q3 and has reported $5 billion in pre-tax charges for its defense business and two commercial plane programs.
  • Strike and Production Delays: A strike by 33,000 machinists has halted production of the 737 MAX, 767, and 777 jets.
  • Job Cuts: The reductions will affect employees at all levels, including executives and managers, with Boeing CEO Kelly Ortberg citing the need to align workforce levels with the company’s financial reality.
  • 777X Jet Delays: Delivery of the 777X jets has been delayed by a year, now set for 2026.
  • Stock Market Reaction: Boeing’s stock dropped by 1.1% after the announcement.
  • Future Plans: Boeing intends to provide more details on the impact of these cuts and has opted to delay the next cycle of furloughs.
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These actions are part of Boeing’s broader strategy to reduce costs and address ongoing financial and operational challenges.

Sources:

www.reuters.com/business/aerospace-defense/boeing-cut-17000-jobs-delay-first-777x-delivery-strike-hits-finances-2024-10-11/

www.nbcnews.com/business/business-news/boeing-cut-17000-jobs-losses-deepen-factory-strike-rcna175105?icid=recommended

www.newsbytesapp.com/news/business/boeing-announces-job-cuts-delays-777x-jet-deliveries-amid-strike/story

www.goodreturns.in/news/layoffs-intensify-boeing-likely-to-cut-around-17-000-jobs-globally-amid-strike-production-delay-1381871.html


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