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Boeing begins process of cutting 17,000 jobs, aims to cut 10% of global workforce | N18G

Boeing 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 will be effective as of mid-January 2024; It will affect employees at all levels, including managers, managers and manufacturing workers. CEO Kelly Ortberg, who took over in August, stated that structural changes are needed to ensure long-term competitiveness and financial stability. In addition to the layoffs, Boeing announced that 767 production is ending by 2027 and the launch of the 777X has been postponed to 2026 due to a previously discovered defective part. The company has faced financial difficulties, including a $24 billion fundraising effort, and safety issues, most notably the grounding of the 737 Max after two fatal crashes. Boeing’s troubles included a labor strike involving 33,000 employees that temporarily halted production, although it ends in November 2023.