Wednesday, November 07, 2012

Pete the Banker: Boeing Announces Lay Offs the Day After Election

Hmm... curious timing, the day after the election... Wonder why that happened?? Sequester, anyone? Boeing says no, but you be the judge:

Boeing, the Pentagon's second-largest supplier, said the changes were the latest step in an affordability drive that has already reduced the company's costs by $2.2 billion since 2010, according to the memo.
The measures come as U.S. weapons makers are under pressure to cut costs and preserve profit margins amid dwindling defense spending in the U.S. 
Boeing said the changes were not a response to the threat of additional, across-the-board U.S. budget cuts due to take effect on Jan. 2, or the outcome of U.S. elections, but represented another step in its continuing drive to "be more competitive while investing in technologies and people."
Boeing said it could not project exactly how workers would lose their jobs because it would try to place people in its growing commercial business.

The rest of the story

1 comment:

  1. And here's the corollary