Boeing Announces 17,000 Job Cuts

Boeing is set to lay off approximately 17,000 employees, representing a 10% reduction of its workforce, in response to ongoing financial challenges, including an $8 billion loss this year and $60 billion in debt. The layoffs will affect executives, managers, and various employees across the company, although production-level workers will remain unaffected due to a recently negotiated labor contract. CEO Kelly Ortberg emphasized the need for structural changes to remain competitive and align with the company's financial realities. In addition to the layoffs, Boeing is delaying the rollout of its 777X aircraft, now scheduled for 2026, due to safety concerns and production issues. These decisions follow a significant strike by 33,000 Boeing workers earlier this year, which highlighted employee dissatisfaction regarding wages and working conditions. Ortberg acknowledged the difficult position of the business, citing the necessity of tough decisions moving forward.