CHICAGO - Boeing, which is already shedding 16,000 jobs, said Wednesday it will cut thousands more through the end of next year as the coronavirus pandemic drives down demand for aircraft and travel, Leslie Josephs reports for CNBC. Continue reading original article.
The Intelligent Aerospace take:
October 29, 2020 -Boeing's third quarter financial statement showed results better than Wall Street expected, according to CNBC's Leslie Josephs, though it wasn't all good news for the U.S.-based aerospace giant. Boeing showed a net loss of $466 million after posting a $1.2 billion profit in 3Q 2019.
"Since the start of the pandemic earlier this year, we have raised liquidity, reduced spending, simplified reporting structures, and dramatically lowered commercial production rates, "Boeing president and CEO Dave Calhoun wrote in a note to employees. "We’re also transforming Boeing by reshaping our infrastructure, streamlining our overhead and organizational structure, rebalancing our portfolio and investment mix, and strengthening the health of our supply chain. On top of these efforts, we have reprioritized and recommitted our research and development spending to ensure we are well-positioned for a strong recovery."
He continued, "As we align to market realities, our business units and functions are carefully making staffing decisions to prioritize natural attrition and stability in order to limit the impact on our people and our company. We anticipate a workforce of about 130,000 employees by the end of 2021. Throughout this process, we will communicate with you every step of the way."
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Jamie Whitney, Associate Editor
Intelligent Aerospace
