Nissan to cut 20,000 jobs

[YTPX]

"Nissan Motor said on Monday it would eliminate 20,000 jobs, or 9 per cent of its global workforce, as it became the fourth big Japanese carmaker to abandon hopes of earning a profit this year. Nissan, which is 44 per cent owned by Renault of France, said the cuts were part of a broad restructuring designed to carry it through the worst industry downturn in decades. It will also reduce executive pay, scale back its investment plans and suspend its second-half dividend."