Daimler to cut 10K jobs worldwide
German automaker Daimler said Friday that it plans to cut at least 10,000 jobs worldwide by the end of 2022. It plans not to fill some vacant posts and to offer severance packages in Germany to reduce administrative jobs.
The company had said Nov. 14 that it plans to slash costs by $1.54 billion by cutting every tenth managerial position and through other measures, but didn’t give details.
A statement released Friday said Daimler had agreed with its employee council on principles to slim down the company structure and the two sides will work on implementation details over the coming weeks.
It said in the statement that the company, which employs about 300,000 people, aims to cut “thousands” of jobs worldwide over three years. Personnel chief Wilfried Porth specified that a low five-digit number of posts will go, news agency dpa reported.
Stocks fall in shortened session
Stocks fell broadly Friday on Wall Street following a shortened trading session a day after the Thanksgiving holiday that left the market slightly below its record highs.
Technology, health care and industrial stocks accounted for a big slice of the selling. Several big retailers also dragged the market lower as traders watched for signs that Black Friday got off to a strong start. Energy stocks took the heaviest losses as crude oil prices fell sharply. Bond yields rose.
Even with the pullback, the S&P 500 notched its seventh weekly gain in eight weeks. The benchmark index also closed out November with its strongest monthly gain since June.
“You had three solid days, plus the S&P was at an all-time high as of the close on Wednesday,” said Tom Martin, senior portfolio manager with Globalt Investments. “Really, from early October until now, it’s been almost like a ruler straight up.”
The S&P 500 index dropped 12.65 points, or 0.4%, to 3,140.98. The index hit all-time highs the first three days of the week.
The Dow Jones Industrial Average fell 112.59 points, or 0.4%, to 28,051.41. The Nasdaq slid 39.70 points, or 0.5%, to 8,665.47. Trading volume was lighter than usual with the markets open for only a half day.
Bond prices fell. The yield on the 10-year Treasury rose to 1.77% from 1.76% late Wednesday.
— Bulletin wire reports