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Ford Motor Credit will cut 1,200 jobs
The company said the layoffs will be spread over several months.
'We have told employees that departures will occur from mid-February to late July,' said Ford Credit spokeswoman Meredith Libbey.
Last month, Ford Credit posted a net loss of $1.5 billion for 2008, a $2.3 billion drop from the net profit of $775 million it reported a year earlier. That contributed to Ford's overall record loss of $14.6 billion.
The automaker recently completed a painful round of downsizing, cutting about 10 percent of the salaried payroll at its U.S. automotive operations.
Analyst Rebecca Lindland of IHS Global Insight said Detroit's carmakers have to be aggressive about cutting costs in this economy, which has seen automobile sales sink to 1980s levels.
'Right now, it's all about surviving 2009,' she said.
'Every dollar is going to count.'
Since it began the current restructuring campaign at the end of 2005, Ford has cut 60,500 jobs in North America -- including 13,200 white-collar jobs and 47,300 hourly blue-collar positions.
The automaker, which is alone among Detroit's Big Three in not asking the federal government for loans, told lawmakers last fall that it is striving to at least break even in 2011.
Ford had previously pledged to return to profitability in 2009, but abandoned that goal after car and truck sales began to decline sharply in the wake of the Wall Street crisis.
CEO Alan Mulally has called Ford Credit a 'competitive advantage' for Ford, given that General Motors Corp. and Chrysler LLC no longer control their lending arms.
This has allowed Ford to continue offering leases and loans to more customers at a time when some competitors have been forced to cut back dramatically, further eroding their vehicle sales.
'We have told employees that departures will occur from mid-February to late July,' said Ford Credit spokeswoman Meredith Libbey.
Last month, Ford Credit posted a net loss of $1.5 billion for 2008, a $2.3 billion drop from the net profit of $775 million it reported a year earlier. That contributed to Ford's overall record loss of $14.6 billion.
The automaker recently completed a painful round of downsizing, cutting about 10 percent of the salaried payroll at its U.S. automotive operations.
Analyst Rebecca Lindland of IHS Global Insight said Detroit's carmakers have to be aggressive about cutting costs in this economy, which has seen automobile sales sink to 1980s levels.
'Right now, it's all about surviving 2009,' she said.
'Every dollar is going to count.'
Since it began the current restructuring campaign at the end of 2005, Ford has cut 60,500 jobs in North America -- including 13,200 white-collar jobs and 47,300 hourly blue-collar positions.
The automaker, which is alone among Detroit's Big Three in not asking the federal government for loans, told lawmakers last fall that it is striving to at least break even in 2011.
Ford had previously pledged to return to profitability in 2009, but abandoned that goal after car and truck sales began to decline sharply in the wake of the Wall Street crisis.
CEO Alan Mulally has called Ford Credit a 'competitive advantage' for Ford, given that General Motors Corp. and Chrysler LLC no longer control their lending arms.
This has allowed Ford to continue offering leases and loans to more customers at a time when some competitors have been forced to cut back dramatically, further eroding their vehicle sales.
