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. | Wolf Street

“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.

Currently, air passenger traffic in the US is still down around 63% compared to a year ago, according to TSA checkpoint screenings. And airlines, which are in their own fight for survival, stopped ordering planes, cancelled what orders could be cancelled, and are in negotiations with aircraft makers to cancel more planes. Airlines really don’t need more planes of any kind at the moment. About $16 billion in new and grounded 737 Max planes are cluttering up storage lots at Boeing, awaiting delivery.

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. | Wolf Street