Boeing to Cut 7,000 More Jobs as Hopes for Cash Comeback Fade
- Positions are scheduled to be eliminated through end of 2021
- Loss is smaller than expected; shares fall amid broad slump
Boeing delivered just 28 jetliners in the third quarter.
Photographer: David Ryder/BloombergThis article is for subscribers only.
Boeing Co. is almost doubling its planned job cuts as the coronavirus pandemic and prolonged grounding of the 737 Max jet dim prospects for a financial recovery next year.
With the outlook for aircraft sales still uncertain, executives abandoned a forecast that Boeing would stop burning cash next year and said they would eliminate an additional 7,000 jobs. That will bring the expected loss from layoffs, retirements and attrition to 30,000 people by the end of 2021 -- or 19% of the pre-pandemic workforce. Boeing announced a 10% cut earlier this year.