Ford layoffs will be larger than GM's
Remember the 14,000 employees that GM is laying off, and how it caused Trump to make empty threats?
Ford is about to do the same, but bigger.
Ford Motor Co.’s $11 billion restructuring could cost 25,000 employees their jobs, exceeding the cutbacks General Motors Co. announced last week, according to Morgan Stanley.Ford has yet to detail its job cuts, but Morgan Stanley analyst Adam Jonas predicts they could be larger than GM’s in a note to investors.
“We estimate a large portion of Ford’s restructuring actions will be focused on Ford Europe, a business we currently value at negative $7 billion,” Jonas wrote. “But we also expect a significant restructuring effort in North America, involving significant numbers of both salaried and hourly UAW and CAW workers.”
Ford’s 70,000 salaried employees have been told they face unspecified job losses by the middle of next year as the automaker works through an “organizational redesign” aimed at creating a white-collar workforce “designed for speed,” according to Karen Hampton, a spokeswoman.
The layoffs may not be so big, but there will be layoffs.
Trump just lost Michigan and Ohio, if that still mattered.
Comments
I'm not so sure about that.
"Trump just lost Michigan and Ohio".
Workers will remember that he yelled at the auto companies and appeared to be on their side. Unlike Hillary, who would have mumbled something about the vagaries of the business cycle while limo-ing to her next fundraiser.
Didn't someone bail out these companies fairly recently?
My memory isn't as good as it was.
Gëzuar!!
from a reasonably stable genius.
My opinion
They have been suffering market loss and in the process of restructuring for years. 2008 was too big for them to handle. The bailout saved their butts. Obama forced them into building a lot of small cars. The economy turned around, and they began selling SUVs faster than they could make them. All that profit and the bailout money was great for them, but they never took their eyes off reducing their workforce and increasing profits like any other profit-driven US corporation. GM abandoned all the small cars and the Volt. Those are the plants they are closing. People in Michigan are pissed at them big time. Like the Amazon deal, Detroit gave them a ton of money and spent a lot of money making the area right for their expansion in Hamtramck. They are demanding that the state quit giving incentives to any company to locate in the state in return for jobs. This is going to hurt the rust belt big time.
If anything, this is likely to depress the vote in 2020. What is the point?
"Religion is what keeps the poor from murdering the rich."--Napoleon
Ford was actually able to avoid taking
any federal money. They made kinda a big deal about it.
The earth is a multibillion-year-old sphere.
The Nazis killed millions of Jews.
On 9/11/01 a Boeing 757 (AA77) flew into the Pentagon.
AGCC is happening.
If you cannot accept these facts, I cannot fake an interest in any of your opinions.
Very sorry
for the people who lose their jobs but I hate both ford and gm. I hope their soon to be former employees abandon them like I did.
Many have and will suffer from the wasteland they left in Michigan. Go visit some of their closed facilities. Not only did they pollute the land they were on the but communities that served them.
And look at what ford in particular is producing: Gas sucking suvs and trucks. They don't give a shit about the environment. Gas is cheap and americans are sucking it up.
Regardless of the path in life I chose, I realize it's always forward, never straight.
Big cars . . .
. . . are more comfortable to live in. Hold more stuff when you lose your house.