Boeing to Cut 17,000 Workers as Strike Eats Into Reserves (4)

Boeing Co. plans to slash its global workforce by about 10% and announced $5 billion in charges across its commercial airplanes and defense businesses, underscoring the depths of the planemaker’s financial woes amid a crippling labor strike.

The cuts translate to roughly 17,000 positions and will include executives, managers and employees, Chief Executive Officer Kelly Ortberg told employees in a memo on Friday. The company also plans to delay the introduction of its first 777X jetliner, and separately announced that it expects third-quarter sales to come in well below Wall Street estimates.

“Our business is in a difficult position, and ...