wolfstreet.com / by Wolf Richter / May 16, 2017
“According to people briefed on a plan.”
Ford’s shares have gotten beaten as it struggles with plunging automobile sales, and in Apr even with diseased lorry sales, mired as automakers are in a US “car recession.” At $10.94 during a tighten on Monday, shares are down 37% from their high in Jul 2014, when Mark Fields became CEO. Shares strike a new 52-week low on Friday, notwithstanding dual uninterrupted years of record earnings. But Ford announced that increase would decrease in 2017, and during a “strategy session” final week, Ford’s undone directors put a feverishness on Fields.
After announcing in Mar that Ford would emanate 700 jobs in Michigan, some-more or reduction an visual apparition as a curtsy to Trump, it is now time to chuck Wall Street a bone. A outrageous bone.
Ford is deliberation slicing 10% of a tellurian workforce of around 200,000 employees (about half of them in a US), “according to people briefed on a plan,” cited by a Wall Street Journal.
That’s about 20,000 people, globally. If these cuts, or some of these cuts, strike US workers, there’s going to be some furious tweeting from a White