|Ford Motor Co. plans to announce later this week that it plans to cut its salaried workforce in North America and Asia by 10 percent as CEO Mark Fields tries to boost profits, The Wall Street Journal and Reuters reported late Monday. Ford neither confirmed nor denied the story. It is trying to cut costs by $3 billion in 2017 in a bid to restore profits in 2018 even though U.S. auto sales are declining for the first time in seven years. Ford is facing pressure from board members and shareholders to show how its strategic plan will turn things around after the company reported that its first quarter profits fell by 35 percent thanks to higher costs for warranties, recalls, and materials.
Source: The Wall Street Journal, Reuters