Ford isn't doing so well at the moment as profits and stock prices are tumbling downward. To try and reverse this trend, the blue oval is considering cutting 10 percent of its global workforce.
Both the Wall Street Journal and Reuters have learned from their respective sources the cuts are part of a previously announced plan to slash costs by $3 billion. The cuts will mostly affect salaried employees, with Reuters reporting Ford will offer generous early retirement incentives. To give you an idea of how jobs are on the chopping block, Ford currently 200,000 employees. A cut of 10 percent means 20,000 people are out of a job.
"Reducing costs and becoming as lean and efficient as possible also remain part of that work. We have not announced any new people efficiency actions, nor do we comment on speculation," Ford said in a statement.