Boeing started issuing layoff notices Wednesday to 17,000 employees to cut 10% of its workforce in an effort to shore up the aerospace giant's shaky finances.

Boeing, the aerospace giant, is laying off 10% of its global workforce, approximately 17,000 employees, in a bid to cut costs and streamline operations. CEO Kelly Ortberg attributed the layoffs to financial challenges and the need to enhance competitiveness.

Nine days after settling a strike that cost the company billions, airplane manufacturer Boeing announced that it plans to cut 10% of its workforce and will start sending out layoff notices this week.