Ford is cutting back
Ford is cutting jobs… and the company is planning to overhaul its entire business. In fact, the automaker plans to reorganize its global salaried workforce. The big picture of these job cuts, unsurprisingly, is to cut costs and restructure for the future.
Where Ford is cutting… depends on the team and location. The second largest automaker in the US declined to comment on which jobs are going or when they will be going. However, the company currently employs around 200,000 people around the globe, and 70,000 of those are salaried workers (so take your best guess).
Tough times ahead… because in July, the company lowered its earnings guidance for the rest of the year. Ford cited slow sales in Europe and Asia for the lowered guidance but maintained that sales in North America are doing well. Shares of the company are down 26% on the year and were down slightly upon the announcement.