Boeing to cut workforce by 10% as strike eats into reserves

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BERLIN - Boeing Company plans to slash its global workforce by about 10% and announced US$5 billion in charges across its commercial airplanes and defense businesses, underscoring the depths of the plane maker's financial woes amid a crippling labour strike.

That is better than the $3 billion cash burn that she had expected, suggesting Boeing's cash crisis may not be as dire as some had predicted.

Assuming an average annual salary of $100,000, the job cuts could provide savings of about US$1.7 billion in earnings before interest and taxes, Jefferies analyst Sheila Kahyaoglu said in a Friday note to clients.

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Category: EconomyBusiness

Markets: ThailandUnited States

Topics: Company Strike Aerospace Business Workers Billion Cash Friday Boeing Facility Ortberg

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-12 @ 12:34:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 927 words

Reading Time: 6 minutes read

Sentences: 42 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 23005753

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