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TOPIC: Ford to cut as many as 20,000 jobs worldwide

Ford to cut as many as 20,000 jobs worldwide 17 May 2017 09:07 #2559

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By Jerry White 17 May 2017

Just days after shareholders and investors criticized the top executives of Ford Motor Company for the “pathetic performance” of its stock price, the Wall Street Journal reported that Ford is planning to cut 10 percent of its global workforce. The jobs massacre, primarily targeting salaried workers, could affect up to 20,000 of the company’s 201,000 workers worldwide.
The number two US automaker has reported steady profits for seven straight years, including record earnings and operating margins in the last two years, and $1.6 billion in profits in the first quarter of 2017. Nevertheless, Wall Street has punished the Dearborn, Michigan-based corporation by driving down its share value by 40 percent since mid-2014.
Investors anticipating an end to the long boom in US vehicle sales want automakers to quickly slash the number of salaried and hourly employees they hired to meet growing demand since 2010.
While it more than halved its US hourly workforce, from 88,386 in 2004 to 40,398 in 2010, the automaker added roughly 15,000 mostly low-paid hourly workers over the last seven years. It also has 30,000 salaried workers in the US, and a 10 percent cut would wipe out 3,000 jobs.

More Here;
www.wsws.org/en/articles/2017/05/17/ford-m17.html
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