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Boeing will cut 16,000 jobs after posting a massive loss

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New York (CNN Business)Boeing said it will slash staff and production after posting a massive first-quarter loss. Demand for air travel has evaporated during the coronavirus outbreak, and the aerospace company continues to reel from the 737 Max grounding.

The company announced it would cut 10% of its jobs, about 16,000 positions, through a combination of buyouts, natural attrition and involuntary layoffs. The cuts will be deepest in Boeing's commercial airplane unit -- about 15% of jobs. And Boeing said it would drastically scale back production of the two widebody passenger jets, the 787 Dreamliner and the 777.
 
"The demand for commercial airline travel has fallen off a cliff," said Boeing CEO Dave Calhoun. "The pandemic is also delivering a body blow to our business."
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