Employment News
The previously announced layoffs at Ford Motor Credit will begin this week.
The automaker’s credit division will cut around 1,200 jobs, which equates to 20 percent of their entire workforce at Ford Credit, in an effort to cut costs.
The layoffs will not happen all at once, but rather over the span of several months according to Ford Credit Spokeswoman Meredith Libbey.
“We have told employees that departures will occur from mid-February to late July,” she said.
Ford Credit posted a loss of $1.5 billion in 2008. That’s more than a $2 billion drop from a year earlier. Ford’s overall loss was $14.6 billion in 2008.
Layoffs at Ford Credit come after Ford completed a 10 percent cut of its salaried payroll in its US divisions.
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