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Boeing starts process to cut 17,000 jobs, targets to cut 10% of global workforce | N18G

Boeing has announced plans to lay off about 17,000 employees, or 10% of its global workforce, as part of a broader effort to cut costs and streamline operations. The cuts, which come into effect in mid-January 2024, will impact employees at all levels, including executives, managers and production workers. CEO Kelly Ortberg, who took over in August, cited the need for structural changes to ensure long-term competitiveness and financial stability. In addition to the layoffs, Boeing revealed the end of 767 production in 2027 and a delay in the 777X rollout to 2026 due to a previously discovered defective part. The company has faced financial strains, including a $24 billion fundraise, and safety concerns, most notably the grounding of the 737 Max after two fatal crashes. Boeing’s problems also included a workers’ strike involving 33,000 employees, which temporarily halted production, although it ended in November 2023.