Unlocked Shareholder Value, so to Speak: Job Cuts at Boeing to Reach 30,000. Commercial Airplane Revenue -56%. $5 Billion Go Up in Flames in Q3, $22 Billion since 737 Max Fiasco.

by Wolf Richter
Wolf Street

$43 billion incinerated on Share Buybacks since 2012 to manipulate up the share price would come in handy now. Shares -60% since June 2019.

“We anticipate a workforce of about 130,000 employees by the end of 2021,” Boeing’s CEO Dave Calhoun told employees in a staff note. At the beginning of 2020, Boeing had 160,000 employees. This would mean a reduction of 30,000 employees. About 19,000 job cuts are already expected for 2020. So Boeing added 11,000 cuts to those expectations.

The 737 Max, the misbegotten plane on which Boeing staked so much before two of them crashed, is still not flying. It has been grounded since March 2019, and the time when it was supposed to fly again keeps getting pushed out. Today Calhoun told CNBC in an interview that the company, in terms of getting the plane back into the air, was “getting very close to the finish line.”

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