Boeing is moving forward with massive job cuts, in an increased effort to stop hemorrhaging cash as a result of losses in aircraft sales and maintenance.

In an email message to employees Wednesday, CEO David Calhoun said the company need to "align to market realities".

Boeing started the year with about 160,000 employees around the world. Buried in the last paragraph of the memo to employees, Calhoun said "we anticipate a workforce of about 130,000 employees by the end of 2021."

The company's struggles pre-date 2020. Boeing had more cancellations than orders in 2019 as 737 orders plummeted due to a series of tragic crashes due to issues with the aircraft design.

In July the company said it would delay delivery of the 777X by roughly a year and again cut production rates of the 787 and 777 programs while studying the feasibility of consolidating Dreamliner production into one plant. Further plans call for ending production of the 747 in 2022, the company reported.

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