Boeing to cut 17,000 jobs globally amidst strike

While 33,000 Boeing workers are still on strike demanding a 40 per cent wage hike among other things, the aviation company is reportedly gearing to cut 17,000 jobs. That means, it will let go about ten per cent of its global workforce.
The strike has been on for about a month now and has adversely affected the production of the 737 MAX and 777 models among other jets. The loss incurred by the company due to work stoppage is expected to be about $ 5 billion in Q3. In fact, it is losing about a billion dollars every month due to the strike.
Kelly Ortberg, CEO, Boeing, has already indicated to the employees that the financial issues being faced by the company need to be handled without delay with a more focused approach. The process would also require restructuring to align the operations with its financial goals, which will mean trimming the team size by 10 per cent. That isn’t all; the company may even have to consider selling stocks and seek funding to gain financial stability.
Among the impacted employees will be senior executives and managers.
The strike has forced the aircraft manufacturer to delay the deliveries of the 777X by 12 months.