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Nissan shares jump on restructuring optimism
'If investors are assuming solid profit recovery for the fiscal year ending March 2010, they could be in for some disappointment,' he said.
Nissan carried out some restructuring in 1999, when Ghosn first arrived from alliance partner Renault SA and so Nissan doesn't have that much fat left to trim this time around, Mochimaru said.
'It's probably hard to expect a turnaround like the V-shaped recovery that happened back then,' he said.
On Tuesday, Standard & Poor's placed Nissan's credit rating on negative watch, indicating its 'BBB+' rating may be lowered amid a bleak financial outlook. A BBB+ rating means a company's ability to meet financial commitments could be weakened by worsening economic conditions.
'The rating on Nissan may be lowered by one notch if we determine that Nissan's financial profile will not be able to absorb the negative impact of cash burn,' it said.
Nissan, which makes the Z sports car and March compact, acknowledged it was battered by the global slowdown, the U.S. credit crunch and the appreciating yen. As a key step in weathering the downturn, Nissan said it will cut 20,000 jobs worldwide, or 8.5 percent of its 235,000-strong global work force, by March 2010.
In Monday's news conference at Tokyo headquarters, Ghosn also said the company is considering 'work-sharing' to have employees share their work load while taking pay cuts, which would save some jobs.
Nissan may change temporarily to a four-day week from a five-day week, while reducing compensation per worker, he said.
On Tuesday, Nissan sent a statement to media saying its public relations workers will be available starting at 8:30 in the morning through 5:30 in the afternoon except for a lunch break between noon and one. Such hours are part of an effort throughout the company for 'zero overtime' to cut costs, it said.
The move is unusual for a major Japanese company, which tends to boast loyal workaholic employees willing to put in overtime although there have been some efforts recently to push for 'no-overtime days,' usually Wednesdays, when workers all go home early.
'If you have queries, please do so during those hours as much as possible,' the statement said. 'We ask for your understanding and cooperation although this may inconvenience you.'
Nissan carried out some restructuring in 1999, when Ghosn first arrived from alliance partner Renault SA and so Nissan doesn't have that much fat left to trim this time around, Mochimaru said.
'It's probably hard to expect a turnaround like the V-shaped recovery that happened back then,' he said.
On Tuesday, Standard & Poor's placed Nissan's credit rating on negative watch, indicating its 'BBB+' rating may be lowered amid a bleak financial outlook. A BBB+ rating means a company's ability to meet financial commitments could be weakened by worsening economic conditions.
'The rating on Nissan may be lowered by one notch if we determine that Nissan's financial profile will not be able to absorb the negative impact of cash burn,' it said.
Nissan, which makes the Z sports car and March compact, acknowledged it was battered by the global slowdown, the U.S. credit crunch and the appreciating yen. As a key step in weathering the downturn, Nissan said it will cut 20,000 jobs worldwide, or 8.5 percent of its 235,000-strong global work force, by March 2010.
In Monday's news conference at Tokyo headquarters, Ghosn also said the company is considering 'work-sharing' to have employees share their work load while taking pay cuts, which would save some jobs.
Nissan may change temporarily to a four-day week from a five-day week, while reducing compensation per worker, he said.
On Tuesday, Nissan sent a statement to media saying its public relations workers will be available starting at 8:30 in the morning through 5:30 in the afternoon except for a lunch break between noon and one. Such hours are part of an effort throughout the company for 'zero overtime' to cut costs, it said.
The move is unusual for a major Japanese company, which tends to boast loyal workaholic employees willing to put in overtime although there have been some efforts recently to push for 'no-overtime days,' usually Wednesdays, when workers all go home early.
'If you have queries, please do so during those hours as much as possible,' the statement said. 'We ask for your understanding and cooperation although this may inconvenience you.'
