Ford LIkely to Axe 2,000 White Collar Jobs

The news from Ford is not so good. The second largest vehicle maker announced recently it could cut as many as 2,000 white collar jobs from its 45,000-white collar payroll.

The move is part of a worldwide move to cut salary-related costs by 10 percent. Less than half of the cost savings are expected to come from job cuts.

Ford, struggling with diminishing market share and record incentives to sell cars and trucks, earlier reported a 27 percent drop in quarterly earnings. It also forecast a third-quarter loss that would be larger than Wall Street expected and vowed to press harder on cost cuts.

Source: Detroit Free Press, July 18, 2003