Boeing to cut workforce by 10% as strike eats into reserves

By Benedikt Kammel | Bloomberg

Boeing Co. said it plans to cut its workforce by about 10%, responding to the crisis facing the planemaker as it faces a drawn-out strike by workers and a worsening cash crunch.

The reductions will include executives, managers and employees, Chief Executive Officer Kelly Ortberg said in a memo to employees. Boeing ended 2023 with 171,000 employees.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said in the memo.