Ford to Slash Up to 20K Jobs: Report

Ford is expected to lay off a large chunk of its workforce as part of a plan to cut costs by $3 billion, various media outlets are reporting. Sources tell the Wall Street Journal that the cuts, which could be revealed as early as this week, will affect 10% of Ford's global workforce of 200,000. However, Reuters specifies the cuts will affect 10% of Ford's salaried workforce in North America and Asia, with employees offered early retirement incentives. Ford refused to comment on possible layoffs but said in a statement that "reducing costs and becoming as lean and efficient as possible" is part of its strategy. (More Ford stories.)