Boeing to cut 8,000 jobs

According to sources, aircraft manufacturing firm Boeing Co plans to cut about 8,000 jobs in 2016 in the commercial airplane division in an attempt to slash costs by $1bn and remain competitive with rival Airbus.

The company plans to cut 4,000 jobs in the commercial airplane division by mid-2016 and about 550 jobs from its unit conducting flight and lab tests.

Although Boeing has outpaced Airbus in terms of 70 new orders for Feb-16 as compared to Airbus’s 18, the company aims to continue operating with a lesser workforce.

Source:  Reuters