Third Bridge global head of analysts Peter McNally discusses how the Boeing factory workers strike is impacting business on 'The Big Money Show.' Boei

Boeing issues layoff notices as aerospace giant cuts 17,000 jobs

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2024-11-14 22:00:06

Third Bridge global head of analysts Peter McNally discusses how the Boeing factory workers strike is impacting business on 'The Big Money Show.'

Boeing said it is issuing layoff notices to employees who are included in the aerospace giant's broader workforce reduction plan.

The approximately 17,000 employees included in the cuts were notified this week and are expected to leave the company in mid-January, Boeing said. The cuts, which come after a labor union strike, equate to 10% of its workforce.

"We are adjusting our workforce levels to align with our financial reality and a more focused set of priorities," Boeing said in a statement to FOX Business.

CEO Kelly Ortberg, who took over in August, told staff in a memo last month that the job cuts would include executives, managers and employees.

"Our business is in a difficult position, and it is hard to overstate the challenges we face together," Ortberg told staff, saying that the situation "requires tough decisions, and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term."