Ford to Fire 7,000 Employees Worldwide

Ford to Fire 7,000 Employees Worldwide
In an effort to cut both expenses and bureaucracy, American car manufacturer Ford is on the verge of letting go around 7,000 people, most of them working in white-collar positions across the world, starting as soon as this week.
Ford to Fire 7,000 Employees Worldwide
According to CNN, citing a letter sent by the company's CEO Jim Hackett to employees this week, the Blue Oval will save around $600 million per year with this move. The process is scheduled to commence on Tuesday, May 21.

Of the 7,000 jobs, 2,400 are said to be in North America, and about 1,500 of them will be cut through a buyout deal. The process is expected to end by August,

This is not the first news of this type coming from Ford this year, and it's unclear whether today's number includes cuts announced in the past. In March, Ford said it will trim down the number of employees in Germany by 5,000, and earlier in May it said 500 jobs in the UK will be slashed.

Back in April, Ford published its first quarter 2019 financial report, with the numbers showing decreasing revenue caused by “global industry decline and the discontinuation of the North America Focus.”

The company’s net income was down too, yet Ford remains optimistic about the future and believes the measures currently in place will secure a better future for the company.

“With a solid plan in place, we promised 2019 would be a year of action and execution for Ford, and that’s what we delivered in the first quarter,” said Jim Hackett in April.

“We’re pleased with the progress and the optimism that it brings. Our global team continues to restlessly strive to improve our operational fitness, delight customers with ever-improving vehicles and services, and prepare Ford to win in the future.”

To build its new future, Ford announced a $1 billion investment in its Chicago plants in February, adding 500 full-time jobs.

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