Boeing said on Wednesday it is issuing layoff notices starting this week to workers impacted by a broader plan by the heavily indebted planemaker to cut 17,000 jobs, or 10% of its global workforce.

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 initiates layoffs as part of a plan to reduce 10% of its workforce, issuing 60-day notices amid ongoing financial challenges and efforts to stabilize production and revenue.