Nissan to slash 20,000 jobs

Nissan Motor Co, facing the first loss in nine years, will slash 20,000 jobs, shift production abroad, cut dividend payments and have a chief recovery officer oversee it all. It may not be enough to halt the earnings slide.

Nissan’s net loss will widen to ¥310 billion ($3.4 billion) next fiscal year from the company’s forecast of a ¥265 billion loss for the year ending in March, according to the median of 17 analyst estimates compiled by Bloomberg.

CEO Carlos Ghosn plans to cut labor costs in high-wage countries and reduce capital expenditure by a combined 18 per cent next year.