Battered by COVID-19 pandemic, Boeing cutting 30,000 jobs in two years

NEW YORK: Pressured by a prolonged commercial travel downturn and the hit from 737 MAX, Boeing on Wednesday announced additional job cuts that will lower headcount by 30,000 positions over two years.

"The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term," said Chief Executive Dave Calhoun. On top of that, the company's finances have been under pressure due to the grounding since March 2019 of the Boeing 737 MAX, which is nearing regulatory approval to resume service after a lengthy oversight process with air travel authorities.In the third quarter, Boeing reported a loss of US$449 million, compared with profits of US$1.2 billion in the year-ago period as revenues fell 29.2 per cent to US$14.1 billion.

Calhoun has taken steps in 2020 to bolster its cash position since the coronavirus devastated the travel market.

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