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Ford planning layoffs as part of reorganization plan

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Ford planning layoffs

Ford Motor Company is planning to lay off an undisclosed portion of its workforce as part of a reorganization as the company deals with a number of challenges, including the fallout from President Trump's tariffs on steel and aluminum.

NBC News reported on Monday that the layoffs are part of Ford's $25.5 billion reorganization plan that intends to cut costs by, among other things, making its staff leaner and reducing layers.

“A lot of the [reorganization] is about making different choices about strategy,” Chief Financial Officer Bob Shanks told NBC News.

The news outlet noted that the exact amount of employees that will be laid off is unknown. But a report from Morgan Stanley estimated a "global headcount reduction of approximately 12 percent” of its 202,000 workforce around the world, according to NBC.

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