Bigger cuts expected: 23,000 more Ford layoffs needed, analysts say
Analyst Adam Jonas of Morgan Stanley is among those who say Ford Motor Co. cannot reach its stated profit goals for "Smart Redesign" The company must cut "a further" 23,000 salaried jobs in the near term to fulfill its goals, Jonas wrote Tuesday. "Ford disclosed that the 7k headcount cuts will save $600 million annually, or an average of $86k per worker," said an investment report dated May 21. "Our (calculations) ... require more than a further 23k salaried headcount reductions." The latest assessment from one of the most recognized equity ...
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