News Post

Boeing job cuts: Workforce to decrease by 10% amid growing strike-related losses and production delays | Mint

Livemint · 17d

- Boeing plans to cut 10% of its global workforce, approximately 17,000 positions, to align with its financial reality. - The decision comes in response to a projected third-quarter loss, exacerbated by a month-long strike involving 33,000 machinists from the International Association of Machinists and Aerospace Workers (IAM). - The strike has resulted in $3 billion in pre-tax charges to Boeing's commercial aviation sector, part of an overall anticipated loss of $9.97 per share. - Boeing CEO Kelly Ortberg emphasizes the need for strategic decisions to ensure the company's long-term competitiveness. - The first delivery of the much-anticipated 777X aircraft has been further delayed to 2026, and production of the 767 Freighter will cease in 2027. - Boeing's defense and space divisions are expected to report significant losses, prompting increased oversight.