Boeing to Chop 10,000 Jobs

Boeing to Chop 10,000 Jobs

www.businessweek.com

With demand for commercial jets losing altitude, Boeing (BA) reported a $56 million net loss for the fourth quarter of 2008 and said it is taking some tough steps to keep itself aloft. Will the moves pay off? It's not clear, and Boeing managers for now say they can't see well enough beyond 2009 to make a firm call. The "visibility" just isn't there from 2010 and beyond, says CEO W. James McNerney Jr.

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Boeing on Jan. 28 reported surprisingly bleak results, even as its top executives forecast a modest rebound in sales this year. McNerney, citing "challenging economic times," doubled the number of jobs he plans to cut this year. Whereas Boeing on Jan. 9 said it would lop some 4,500 jobs from its commercial plane unit, McNerney hiked the figure to 10,000 on Jan. 28 and said the cuts would be spread all across Boeing's global operations, most of them in places other than the company's Seattle-area commercial-plane facilities. Such steps, amounting to a 6% trim in Boeing's workforce, are needed to preserve the company's financial strength, McNerney maintained.

Just another one of these to add to the pile...

I just spoke with people who were laid off from IBM who were 3 years away from retirement and the pension which went along with it, and that was lost in the layoff.

These are old economy engines here, feeling the impact.


www.businessweek.com
(visit the link for the full news article)

This is just the beginning for Boeing IMHO. Most of that aircraft backlog is from Airlines that need to secure credit to fund the purchase. How many will get it?

Don't worry. Everything is OK! Didn't you see the stock market today? It was up 200 points.

Nothing to see here. Move along now.

Boeing and EADS are still embroiled over the new Air Force tanker deal.

tanker deal could be years away

Many considered this a stay of execution for Boeing, who did not recieve approval for the contract, and had to get politi-dirty to have the EADS award reversed.

It's possible it just made for a slower, lingering death.

reply to post by hotrodturbo7


EADS is in the same boat with severe issues regarding the A400 and face the same crit issues Boeing faces

Definitely, the tanker deal will have a significant impact on the future of both companies, depending on which way it goes.