Boeing To Realign Its Financing Arm Within Airplane Division

Boeing Co BA is reportedly merging its decades-old aircraft-financing arm with its commercial airplanes unit to simplify its corporate structure.
After the retirement of Boeing Capital Corp (BCC) President Tim Myers this year, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm.
Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines.
The realignment will "focus resources on our core work of supporting our customers and their financing needs," Boeing CFO Brian West said in an internal memo seen by Reuters.
Also Read: Boeing Trims India Outlook For Jetliners Over Next Two Decades.
In November, Boeing announced consolidating its struggling Defense, Space & Security Business (BDS) Unit, slashing its defense unit from eight to four divisions.
It has also moved to cut 2,000 white-collar jobs in finance and human resources.
Boeing spokesperson said the shift would provide airlines "with more consistent support" for arranging aircraft financing. Boeing did not say whether any jobs would be affected.
Rob Martin, finance chief for the commercial airline business, and Boeing Treasurer David Whitehouse will be responsible for the transition, West said in the memo.
Price Action: BA shares closed at $211.40 on Thursday.