Boeing cutting more than 12,000 U.S. jobs

Boeing announced on Wednesday (May 27) it's cutting over 12,000 U.S. jobs - with more on the way.

They include nearly 7,000 involuntary layoffs this week.

The largest American planemaker is trying to restructure over the global health crisis.

Boeing also disclosed several thousand more layoffs in the months to come but did not say where those would take place.

The company is slashing costs as a sharp drop in travel demand pulls Boeing's falling fortunes down even further.

The company grounded its 737 MAX jet last year after two fatal crashes of the plane.

The job cuts include nearly 10,000 employees in Washington state.

And in April, Boeing said it would cut 10% of its worldwide workforce, made up of some 160,000 employees, by the end of the year.

However, Boeing also raised $25 billion in a bond offering last month which allowed it to avoid taking government aid.

That's despite the company recording zero orders for its planes for the second time this year -- marking the worst start to the company's year since 1962.