Ford is reportedly poised to make a major cut in jobs in the company.
Salaried workers are in the crosshairs,
No job action has been announced.
Ford Motor is making plans to cut about 10% of its global staff, which could mean about 20,000 jobs worldwide, according to
The Wall Street Journal. Most of the jobs will be salaried workers.
The company would not confirm or deny the report. Ford announced last month that it is looking to reduce costs by $3 billion.
Ford announced the $3 billion cost cutting goal at the same time it reported sharply lower first quarter earnings.
The company has been under pressure from shareholders about declining profits and a weak share price.
Stockholders sounded off at the Ford shareholder’s meeting.
Earlier this year shares of electric car manufacturer Tesla, which is a fraction of Ford’s size, passed Ford in terms of market value. Ford shares are down nearly 10% so far this year.