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JOB CUTS * USA - Over Here, Over There ... Everywhere
Carmakers lead the way, with General Motors, Nissan, and Toyota paring tens of thousands of positions
New York,NY,USA -CFO Magazine, by Stephen Taub -February 13, 2009: -- There was the usual round of sizable layoffs this week, but this time, most of the headline-grabbing cuts were made by overseas companies, led by automakers... The biggest U.S. workforce reduction was also announced by a car company: General Motors said it will shed 10,000 white-collar jobs... The Wall Street Journal also reported that GM is offering retirement incentives to 22,000 of its 62,000 United Auto Workers union members as part of a turnaround plan it must present to the U.S. government by Tuesday. The paper said the company would be happy if half of these workers took the offer, citing a person familiar with GM's thinking... Caterpillar Inc., meanwhile, said it is offering a voluntary early retirement incentive package to about 2,000 production employees. That plan is in addition to the company's workforce reduction of 22,000 announced last month... FedEx Freight, a unit of FedEx Corp., said it will cut about 900 jobs at 130 facilities, according to the Memphis Business Journal... Nissan Motor Co. said it would cut 20,000 jobs, though none in the United States beyond those previously announced, the Associated Press reported... Toyota Motor, however, said it is offering buyouts to about 18,000 workers in United States. It also plans to freeze wages and cut pay for factory executives and eliminate bonuses for all salaried employees, according to Bloomberg, citing an e-mailed statement late Thursday...
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