Defense contractor Lockheed Martin (NYSE:LMT) has revealed plans to eliminate 1% of its global workforce as part of a cost-reduction strategy. What Happened: Lockheed Martin intends to reduce its workforce by 1% over the course of 2024 in a bid to streamline operations and decrease costs, CNBC reported. The job cuts will span across all business and enterprise operations. The company’s cost-cutting initiatives will also encompass hiring freezes and voluntary separations, as per a company spokesperson. Lockheed Martin, headquartered in Maryland, currently has a global workforce of 122,000. The …