The daily business briefing: May 28, 2020

Boeing starts cutting 10 percent of its employees, Pompeo says Hong Kong is no longer autonomous from China, and more 

The Boeing sign
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1. Boeing trimming 10 percent of workforce

Boeing said Wednesday that it would lay off more than 6,000 employees this week to reduce costs as the coronavirus crisis hammers the air travel industry. The cuts are part of a push to trim 10 percent of the company's 160,000-plus workforce through voluntary departures and layoffs. CEO Dave Calhoun said in a note to employees that Boeing had finished the voluntary-layoff phase, with 5,520 people choosing to go. "And now we have come to the unfortunate moment of having to start involuntary layoffs," he said. "We're notifying the first 6,770 of our U.S. team members this week that they will be affected." Thousands more will be let go over the next several months.

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