More layoffs at Boeing
Boeing did a round of 5500 voluntary layoffs and now it's moving to involuntary layoffs. In addition to this, the company says it will layoff 'several thousand' others in the coming months.
Layoff announcements remind me of the financial crisis when there was day-after-day of announcements. The huge wave at the start was all about the virus, but now it's about the economic impact and that's a different thing.
Shares of BA like this latest announcement but I'm curious to see how the broader market handles the idea of layoffs. 6700 fewer employees to pay is good for Boeing stock but 6700 families without a paycheck isn't a good news for anyone else.
Overall the company plans to cut 10% of workers.
