In an effort to cut costs, Ford (NYSE: F ) will eliminate "hundreds" of jobs from its European business, CNNMoney is reporting this morning. The reductions in salaried positions will be voluntary, according to the report. A Ford spokesperson reportedly told the Business Standard that "several hundred" positions would be cut, but the exact number wouldn't be known for a few months.
Ford lost $404 million in Europe in the second quarter of this year, and expects to lose more than $1 billion in Europe operations throughout the whole fiscal year. Ford CEO Allan Mulally hinted in a CNN interview last week that changes were on the way, also saying that "almost every country (in Europe) is clearly in a recession now and it's getting worse."