Boeing to cut 10,000 fewer jobs than forecast as recovery speeds up

Boeing Co updates

Boeing plans to cut 10,000 fewer jobs than it forecast during the depths of the coronavirus pandemic as the market recovery accelerates.

The US aircraft manufacturer has about 140,000 employees at present and expects to stay at that level. Boeing said in October that it aimed to reduce its staff from 160,000 to 130,000 through lay-offs, voluntary departures and attrition as the Covid-19 crisis and travel restrictions devastated airlines’ demand for new jets.

“We’re now seeing more stability in our staffing levels, as the commercial market recovery accelerates, our defence and government services business target growth opportunities, and we increase investments to further strengthen engineering,” said chief executive David Calhoun in a memo to employees.

He added that the pace of the commercial market’s recovery, as well as trade relations with China and Boeing’s financial performance, would be the main factors in determining future employment levels.

Boeing shares were up 6 per cent in pre-market trading to $235.83.

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