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Nissan to slash 9% of workforce as first quarter profit nearly wiped out

The announcement on Thursday shows how a crisis - brought about by sluggish sales and rising costs - is worsening at Japan's Number 2 automaker

Reuters 

Nissan

Japanese carmaker Motor said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after reporting its quarterly profit was nearly wiped out.

The announcement on Thursday shows how a crisis — brought about by sluggish sales and rising costs — is worsening at Japan’s Number 2 automaker even as it tries to recover from a financial misconduct scandal surrounding ousted Chairman Carlos Ghosn.

The automaker had 138,000 employees globally as of March 2018.

First Published: Fri, July 26 2019. 00:14 IST
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