By the end of August.
Ford has announced that it plans to cut 7,000 jobs by the end of August.
The car company is looking to save around $600m (€537m) per year, and will do so by cutting out a tenth of its global workforce.
According to The Independent, most of the jobs are management roles and they will be cut out through a mix of voluntary and compulsory redundancies.
A memo was sent out to employees on Monday morning, with Ford’s chief executive Jim Hackett saying the fourth wave of restructuring will start this week.
The memo said: “To succeed in our competitive industry, and position Ford to win in a fast-charging future, we must reduce bureaucracy, empower managers, speed decision-making and focus on the most valuable work, and cost cuts.”
The majority of cuts are to be carried out by May 24.
The news comes as Marks and Spencer announced that it will be closing down a further 110 locations.
Financial Times reports that M&S chief executive Steve Rowe said that while there has been “green shoots,” many areas of the company have been inconsistent over the past few years.
“We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face,” he said.
“M&S is changing faster than at any time in my career – substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in Clothing & Home.”
He added that the business is trying to make M&S “special again.”
Also this week, Jamie Oliver’s restaurant business collapsed into administration.
The celebrity chef’s chain of Jamie’s Italian restaurants is the latest casual dining spot in the UK to file for insolvency after others have been forced into closures and restructures.
Oliver released a statement yesterday saying:
“I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade. I appreciate how difficult this is for everyone affected.
“I would also like to thank all the customers who have enjoyed and supported us over the last decade, it’s been a real pleasure serving you.”
Back on home soil, The Times Ireland announced that it has cut 17 journalist roles in the company. The print version of the paper as it currently exists will cease publication, while the digital version will carry on.
