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00:0017,000 jobs will be cut globally, delays in the delivery of its 777X jet amid record losses
00:08of $5 billion in its third quarter.
00:11Boeing's new CEO, Kelly Ortberg, who has only been in the post since August, unveiled the
00:17changes on Friday.
00:18Restoring our company requires tough decisions and we will have to make structural changes
00:23to ensure we can stay competitive and deliver for our customers over the long term.
00:29These announcements come as 33,000 workers have been on strike in Seattle for a month.
00:35They are demanding an increase in salaries and pensions.
00:38As a result, two of the group's main factories have completely shut down and thousands of
00:43employees are on furlough.
00:45Subcontractors, suppliers and service providers are trying to survive the collapse of their
00:51orders.
00:52The company is heavily in debt, which has stemmed from a series of failures of its 737MAX
00:58and concerns over safety procedures.
01:01The company could suffer a future downgrade in its financial rating.
01:05The American aircraft manufacturer would then risk slipping into a junk credit rating.