January 29, 2009

Ford Credit Will Cut 1,200 Workers as U.S. Auto Sales Slide

Filed under: auto,finance,US — 7macaw @ 8:17 am
Tags: ,

Ford Motor Co.’s finance unit will eliminate 20 percent of its workforce, or about 1,200 workers, as part of a cost-cutting move as U.S. auto sales rate falls to the lowest since 1982.

Ford Credit also needs fewer employees with the sale of the Jaguar and Land Rover brands to Tata Motors Ltd. and the end of its financing relationship with affiliate Mazda Motors Corp., spokeswoman Margaret Mellott said. The job cuts begin the middle of next month and are scheduled to be complete by the end of July.

Source: Bloomberg

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