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Aerospace firm Boeing will cut 150 finance employees

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Aerospace giant Boeing has announced plans to cut around 150 finance roles in the United States as part of an effort to streamline its organizational structure.

The company said the expected cut follows previous corporate staff layoffs in sectors like IT.

The cuts are being made in order for Boeing to devote more resources to engineering, production, and product development.

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Sources familiar with the matter told the Wall Street Journal some of the US finance roles will be relocated to India.

They said the corporation might make additional, similar job cuts in the coming months.

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Boeing stated in a January regulatory filing it had around 142,000 workers worldwide at the end of the previous year.

The firm said on Tuesday, September 20 that it had boosted its personnel by 10,000 this year.

The move is part of a strategy to "drive stability in production and invest in engineering and innovation."

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In recent years, Boeing has faced a number of engineering and production challenges.

After the 737 MAX was grounded for over two years due to two catastrophic crashes, plant faults and regulatory hiccups delayed delivery of its 787 Dreamliner for more than a year.

The executives mentioned that the firm is in the middle of a rebound and will generate more revenue this year.

A Boeing spokesman claimed the job cuts in the US were unrelated to the company's previously announced relocation of its headquarters from Chicago to Arlington, Virginia.

Source: The Wall Street Journal

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