Boeing is the Tip of the Layoff Iceberg

by Martin Baccardax
The Street

Boeing announced more layoffs after recording zero orders but 108 cancellations.

Boeing announced over 12,000 Layoffs in the wake of plane cancellations and dearth of new orders.

Boeing Co (BA.N) said Wednesday it was eliminating more than 12,000 U.S. jobs, including involuntary layoffs of 6,770 U.S. workers as the largest American planemaker restructures in the face of the coronavirus pandemic.

The job cuts include more than 9,800 employees in Washington State. Boeing said Wednesday the “several thousand remaining layoffs will come in additional tranches over the next few months.”

Boeing Chief Executive Dave Calhoun told employees in an email the “pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices. … I wish there were some other way.”

Boeing expects 737 Max deliveries will start in the third quarter but it does not expect FAA approval until August.

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