May 20, 2019

Ford eliminating 7,000 jobs, including 2,300 in North America

As a part of its multiyear restructuring plan, Ford will cut 7,000 jobs, or 10% of its global salaried workforce, the Wall Street Journal reports. Roughly 2,300 of those jobs are in North America, Ford's CEO said in an email Monday.

The big picture: The 500 layoffs coming this week will largely wrap up a restructuring of Ford’s global salaried workforce, but there is still work remaining to gets it global manufacturing operations in good shape, per Axios' Joann Muller.

The big picture: CEO James Hackett, who has been criticized for moving too slowly to restructure Ford’s business, has called 2019 a turning point.

  • Those 2,300 jobs will be cut through buyouts and layoffs. About 1,500 already have happened, and about 500 workers will be let go this week, per AP. The company expects to save about $600 million per year by reducing 20% of its management structure.

What to watch: Ford begins negotiations this fall with the United Auto Workers union, but it's unlikely there will be big blue-collar layoffs in the U.S., where Ford's plants are running full tilt. But plant closings could happen in Europe and South America, where Ford has been struggling. Ford has already announced plans to close two factories in Russia.

Read Hackett's memo:

Go deeper: American manufacturing cities are losing white-collar jobs, too

Go deeper

Tech can't remember what to do in a down market

Illustration: Rebecca Zisser/Axios

Wall Street's two-day-old coronavirus crash is a wakeup alarm for Silicon Valley.

The big picture: Tech has been booming for so long the industry barely remembers what a down market feels like — and most companies are ill-prepared for one.

Brace yourself for a coronavirus outbreak

Illustration: Aïda Amer/Axios

Public-health officials’ warnings about the coronavirus are sounding increasingly urgent, with one top CDC official asking the public yesterday "to prepare for the expectation that this might be bad."

Reality check: Other administration officials, including President Trump himself, were more subdued in their assessments. But underneath those tonal differences, the reality of the coronavirus is the same: It spreads quickly, and has already spread to many countries, making it likely to start spreading here, too.

Exclusive: Pro-Trump group plans post-Super Tuesday blitz on Democrats

Democratic presidential hopefuls take the debate stage in South Carolina. Photo: Logan Cyrus/AFP via Getty Images

Pro-Trump super PAC America First Action is preparing to unleash a series of targeted, swing-state attacks on the Democrats most likely to face President Trump after Super Tuesday, people familiar with the group's plans tell me in an exclusive preview of its strategy.

The state of play: The group has been tracking favorable/unfavorable ratings in Florida, Georgia, Michigan, North Carolina, Ohio and Pennsylvania for 2020 candidates Joe Biden, Bernie Sanders, Elizabeth Warren, Pete Buttigieg and Michael Bloomberg — under the theory that if Trump wins each of these six states he would win re-election.