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10.04.2020

Boeing to cut its workforce by 10%

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The company considers other cost-cutting scenarios as well

Stocks impacted: Boeing (BA)

US airplane giant is mulling a plan to cut about 10% of its workforce amid the fallout caused by the coronavirus. The plan is expected to mostly target the company's commercial arm, which is feeling the hardest virus-related impact. So far, Boeing hasn’t made the final decision on cuts, with the step still being under consideration. As of now, the company employs about 160,000 people. As a reminder, Boeing announced it was initiating a voluntary layoff plan last week in an effort to stem the financial strain from the outbreak. The planemaker has been suspending production at various plants, including the manufacturing of its 787 airplane at its facilities in South Carolina. Earlier, the company freezed hiring and overtime pay except in certain critical areas to preserve cash. Boeing stocks finished 3.44% higher on Thursday.

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