Raytheon announces 15,000 job cuts
Posted September 18, 2020 3:01 p.m. EDT
CNN — Aerospace giant Raytheon Technologies will cut 15,000 jobs as a result of the downturn in commercial air travel — more than double the number it had previously forecast.
During a Thursday earnings report, Raytheon President and CEO Greg Hayes cited "all the uncertainty in the recovery of commercial air traffic" before announcing the job cuts from its commercial aerospace and corporate divisions.
"We see a gradual return to flight across all commercial markets," said Hayes. "But probably not a full return to 2019 levels until sometime around 2023."
The pandemic's impact on the air travel industry has been catastrophic. Major US airlines including American, United and Delta have said they expect thousands of workers to be laid off or furloughed on October 1. Plane maker Boeing has also announced more than 16,000 cuts.
Under terms of the CARES Act, which provided up to $50 billion of help to the US airline industry, airlines could not lay off or involuntarily furlough staff until October 1.
On Thursday, executives from major airlines pleaded with the White House to extend a $25 billion bailout, delaying tens of thousands of furloughs by another six months.