Nissan will cut 12,500 jobs after profit plunges 99%

Hiroto Saikawa’s emergency overhaul comes as he tries to speed up a recovery plan running through the fiscal year ending March 31, 2023. — (Keith Bedford/Bloomberg)

July 25, 2019 09:34 AM

YOKOHAMA, Japan -- Nissan Motor Co. CEO Hiroto Saikawa will slash some 12,500 jobs worldwide as part of new plan to revive the company after reporting a 99 percent plunge in operating profit in the latest quarter on falling sales in every major market except China.

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