Boeing to lay off “hundreds” of engineers

|About: The Boeing Company (BA)|By:, SA News Editor

Boeing (BA +1.4%) warns employees that it plans another round of involuntary layoffs that will affect hundreds of engineers, Reuters reports, citing an internal memo.

The layoffs are set to start June 23, and follow a prior involuntary reduction of 245 workers set for May 19, according to the memo from the VP of engineering at Boeing Commercial Airplanes.

Shares are higher today, likely on news that Pres. Trump nominated former Rep. Scott Garrett to head the Export-Import Bank; even though Garrett has been critical of the Ex-Im Bank, the move at least would signal a return to normalcy at the bank, which has not been fully operational for nearly two years.