Daimler to trim 10% management worldwide to cut cost: Sueddeutsche Zeitung

Daimler will cut 1,100 leadership positions worldwide, or about 10% of its management, German daily Sueddeutsche Zeitung said on Friday, citing a newsletter circulated by the company's works council.

A spokesman for Daimler's works council declined to comment.

Daimler's new Chief Executive is due to give a strategy update, which could include cost measures, on Nov. 14.

Daimler said the carmaker was working on a cost analysis so that the car, truck and bus maker can remain competitive going forward. Details will be revealed during the carmaker's capital markets day.

"We are in constructive talks with employee representatives and cannot comment on speculation," Daimler said.