Home > Ford Finishing Cutting 7,000 Jobs

Business
Ford Finishing Cutting 7,000 Jobs

Description

DETROIT -- Ford Motor Co. CEO Jim Hackett told employees Monday the automaker is entering the final stretch of job cuts it began last year and that, by September, it will have shed 7,000 salaried positions globally - roughly 10 percent of its salaried workforce - saving the company $600 million. The number includes voluntary buyouts, involuntary separations and open positions Ford chose not to fill. "Ford is a family company and saying goodbye to colleagues is difficult and emotional," Hackett wrote in an email. The process, which Ford has deemed a "smart redesign," appears to have taken longer than initially expected.

Added on the 20/05/2019 08:45:34 - Copyright : Wochit

To customise your video :

Or Create an account

More videos on the subject

  • Deutsche Bank begins cutting 18,000 jobs

    Germany

    08/07/2019 - Euronews EN
  • Deutsche Bank's $8.3 Billion Overhaul Means Shedding 18,000 Jobs

    Deutsche Bank plans to cut 18,000 jobs in a sweeping, $8.3 billion overhaul. According to Reuters, the purge is designed to turn around Germany’s struggling flagship lender. The bank will also jettison its global equities business and scale back its investment bank. The bank expects a $3.1 billion net loss in the second quarter as a result of restructuring charges. The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

    07/07/2019 - Wochit
  • Ford To Cut 12,000 Jobs By 2020

    Ford said it will cut 12,000 jobs in Europe by the end of next year to try to return the business to profit. Ford Europe has been losing money for years, according to Reuters.com. Pressures to restructure increased after GM raised profits by selling it's Opel and Vauxhall brands to Peugeot. Ford said it would close three plants in Russia, one in France, and one in Wales. Ford also plans to cut shifts at factories in Valencia, Spain and Saarlouis, Germany. Ford’s manufacturing footprint will be reduced to 18 facilities by end-2020, from 24 today. About 12,000 jobs will be affected by the end of 2020 and around 2,000 of those are fixed salaried positions.

    27/06/2019 - Wochit
  • Ford Will Lay Off 7,000 White-Collar Workers

    Ford is cutting 7,000 white-collar jobs, or about 10% of its salaried staff worldwide, as part of a cost-cutting effort. The company says it will save about $600 million a year, according to CNN. Ford says workers will begin to be notified of cuts starting Tuesday, and the terminations will be completed by the end of August. About 2,400 of the jobs cuts are in North America, and 1,500 of the positions were eliminated through a voluntary buyout offer.

    20/05/2019 - Wochit
  • Ford Says Cutting U.S. Salaried Jobs

    According to Reuters, Ford confirmed on Wednesday that it is cutting an unspecified number of U.S. salaried jobs as part of a global reorganization announced last year. Spokesman Said Deep declined to say how many jobs are being slashed but said the company expects the process to be completed by the end of June. He said the restructuring “has resulted in some separations of salaried employees and the reassignment of others.”

    13/03/2019 - Wochit

More videosBusiness

Watch video of Shares Of Blue Apron Dipped To An All-time Low. The Meal-kit Subscription Dropped To $1.81 Per Share On Tuesday. The Company Has Faced Increasing Pressures From Competition, Like HelloFresh. Big Companies Like Walmart And Amazon Entering Its Space. In March, Walmart Announced It Was Launching Its Own Line Of Meal Kits. The Company Has Struggled To Attract New Customers And Retain Old Ones Since Going Public Last June. - Blue Apron Shares Drop To A New Low - Label : Wochit -
Business

Blue Apron Shares Drop To A New Low

03/04/2018 21:21:24