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Nissan to slash 20,000 jobs
TOKYO (Reuters) - Nissan Motor Co said it would cut 20,000 jobs and joined a growing list of automakers warning of red ink this year in what would mark its first loss since Chief Executive Carlos Ghosn took the reins a decade ago.
The spreading global recession has put consumers off buying expensive goods and even if they wanted to purchase a car, financing has become difficult due to a dearth of credit.
Saddled with excess capacity and headcount and with sales plummeting in developed markets, Japan's No.3 automaker has already taken a number of steps to cut production and staff, including through 1,200 voluntary buyouts in the United States.
With these and other measures, including reducing 12,000 jobs in Japan mostly through natural attrition, Nissan said it would reduce groupwide headcount by a total 20,000 by the end of March 2010, equivalent to 8.5 percent of the workforce.
More.
TOKYO (Reuters) - Nissan Motor Co said it would cut 20,000 jobs and joined a growing list of automakers warning of red ink this year in what would mark its first loss since Chief Executive Carlos Ghosn took the reins a decade ago.
The spreading global recession has put consumers off buying expensive goods and even if they wanted to purchase a car, financing has become difficult due to a dearth of credit.
Saddled with excess capacity and headcount and with sales plummeting in developed markets, Japan's No.3 automaker has already taken a number of steps to cut production and staff, including through 1,200 voluntary buyouts in the United States.
With these and other measures, including reducing 12,000 jobs in Japan mostly through natural attrition, Nissan said it would reduce groupwide headcount by a total 20,000 by the end of March 2010, equivalent to 8.5 percent of the workforce.
More.