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
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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

November 20, 2008

Big Three auto CEOs flew private jets to ask for taxpayer money

According to CNN: “Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they’re going to be trimming down and streamlining their businesses,” Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.”

According to CNN: “The downfall of one of the Big Three could cost as many as 3 million jobs and $60 billion in the first year, report says.

According to LayOffBlog: “WTF?

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