Nissan To Cut 20,000 Jobs World-Wide.

bobdoering

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The Wall Street Journal (2/9, B1, Murphy) reports on the front page of its Marketplace section, "Nissan Motor Co. Monday announced plans to slash more than 20,000 jobs world-wide, shift production out of Japan and seek government assistance from Japan, the U.S. and elsewhere, part of a broad new effort by the Japanese car maker to weather the economic downturn." The company's "broad, new recovery program comes as the car maker...swung to a net loss of 83.2 billion yen ($904.2 million) for the quarter ended in December and forecast a loss for the fiscal year ending in March." According to the Journal, "the deep job cuts mark a serious setback for Chief Executive Carlos Ghosn, who had been celebrated in Japan for saving Nissan from the brink of collapse."

The AP (2/9, Kageyama) adds, "Ghosn said Nissan's global work force will be reduced by 20,000 through March 2010, to 215,000 from 235,000. Of the job cuts, 12,000 will be in Japan, including group companies, and the rest will be overseas," according to company reports. "Ghosn said hiring will become minimal, contracts for temporary workers will be ended and the company is offering early retirement packages." The New York Times (2/9, Wassener) also reports the story.
 
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