Boeing is implementing widespread job cuts in response to the ongoing crisis in the travel industry. The aerospace giant is facing significantly reduced demand for new aircraft due to the global pandemic and its impact on airlines.
Impact on Divisions
The job cuts will impact both the commercial airplanes division and the defense, space & security division. Specific numbers for each division have not been released, but the company has indicated that the reductions will be substantial.
Other Cost-Cutting Measures
In addition to job cuts, Boeing is taking other steps to reduce costs, including:
- Reducing production rates for key aircraft models
- Suspending dividend payments
- Cutting discretionary spending
Boeing’s leadership has stated that these measures are necessary to ensure the company’s long-term viability in the face of unprecedented challenges.
