Boeing announced that it will lay off 10% of its workforce in the coming months and cut its production in the wake of a labor union strike.

Boeing, the aerospace giant, is laying off 10% of its global workforce, approximately 17,000 employees, in a bid to cut costs and streamline operations. CEO Kelly Ortberg attributed the layoffs to financial challenges and the need to enhance competitiveness.

Boeing started issuing layoff notices Wednesday to 17,000 employees to cut 10% of its workforce in an effort to shore up the aerospace giant's shaky finances.

Boeing said on Wednesday it is issuing layoff notices starting this week to workers impacted by a broader plan by the heavily indebted planemaker to cut 17,000 jobs, or 10% of its global workforce. U.

Boeing announced a significant reduction in its workforce, with 10% of its employees set to receive layoff notices. This move affects about 17,000 workers.