Raytheon Technologies (RTX +3.5%) plans to cut 15K jobs, nearly twice as many as previously anticipated, saying the commercial aerospace market will take several years to recover from the pandemic.

The reduced payroll is part of a push to cut $2B in costs this year and save $4B in cash as COVID-19 crushes air travel and saps demand for new planes, CEO Greg Hayes said today at a Morgan Stanley conference.

"We see a gradual return to flight across all commercial markets but probably not a full return to 2019 levels until somewhere around 2023," Hayes said, adding the timing depends on the timing of a vaccine.

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