Nissan to Cut 20,000 Jobs

Nissan, Japan's third-largest automaker, announced a series of steps Monday to deal with the eco nomic downturn, including slashing its workforce by 20,000. The cost-cutting measures makes Nissan the latest among the country's carmakers to take drastic action in the face of a worsening financial outlook. The job reductions will bring down Nissan's head count from 235,000 to 215,000.

The company also said it is eliminating bonuses for its board of directors. And until its financial situation improves, it is reducing board members' salaries by 10%.

The company took the steps after reporting a $860 million third-quarter consolidated net loss after tax. For the same period a year ago, it had a net income of $1.5 billion. Nissan's net revenue is down 34.4%. It has revised its forecast for the fiscal year ending in March, saying it will post a net loss of $2.9 billion.

http://money.cnn.com/2009/02/09/news/international/nissan/index.htm?post...