Boeing begins process to cut 17,000 jobs, reduce global workforce by 10% – Times of India

Boeing announced on Wednesday that it will begin issuing layoff notices this week to employees affected by the company’s broader plan to reduce its global workforce by 17,000 jobs, or roughly 10%. US employees who receive these notices will remain on the Boeing payroll until January, as required by federal law, which mandates a 60-day notice period.
“We are adjusting our workforce levels to align with our financial reality and a more focused set of priorities,” Boeing stated, reaffirming its commitment to supporting employees through this difficult transition.
The layoff notices come as Boeing, under new CEO Kelly Ortberg, works to restart production of its best-selling 737 MAX. Production was recently stalled after a weeks-long strike by over 33,000 US West Coast workers disrupted output for most of its commercial jets.
The mid-November issuance of Worker Adjustment and Retraining Notifications (WARN) had been widely anticipated.
The 737 MAX, a vital revenue source for Boeing, helped the company secure over $24 billion in late October to stabilize its finances and maintain its investment-grade rating amid rating agencies’ concerns.
This year has been turbulent for Boeing, starting on January 5 when a door panel blew off a 737 MAX mid-flight. Since then, the company has faced a series of setbacks: its CEO stepped down, production slowed due to regulatory scrutiny of its safety practices, and its largest union began a strike on September 13.