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

Japanese carmaker Nissan 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.