Boeing Co. is considering a plan to cut its workforce by about 10%, which could involve buyouts, early retirements and involuntary layoffs, the Wall Street Journal reported.

The potential job cuts are expected to largely target Boeing's commercial arm, which has been under strain due to the crisis in the global airline industry, the report said.

The planemaker declined to a Reuters request for comment.

Meanwhile, Boeing hired investment banks Lazard and Evercore Inc. to help it analyze government aid and potential private funding, the Journal also reported later Friday, citing unidentified people familiar with the matter.

Analysts estimate Boeing may need to raise as much as $20 billion this year in addition to the federal aid that was earmarked for the aircraft maker and its suppliers in the federal stimulus package, the Journal said.

Boeing may seek most of its financing from private sources to avoid potential conditions to the federal assistance, such as giving the government an equity stake, something Chief Executive Officer David Calhoun has said he doesn’t want to do.

One possibility is for Boeing to ask the Treasury to buy a few billion dollars of its bonds and for the company to secure the rest of what it needs privately from sources including buyout firms, the Journal said.

Amid the coronavirus pandemic, Boeing has been suspending production at various plants, including the manufacturing of its 787 airplane at its facilities in South Carolina.

Last week, the U.S. planemaker's Chief Executive Officer Dave Calhoun outlined a plan of voluntary layoffs for employees, while warning that the pandemic would have a lasting impact on the aerospace industry.

The company (BA) had earlier freezed hiring and overtime pay except in certain critical areas to preserve cash.