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SEARCHFord Motor Credit is expanding its consolidation plan of its branch sales offices in North America, according to an internal memo to employees from Ford Motor Credit Chairman and CEO Mike Bannister that was obtained by The Detroit News.
Ford Motor Credit is expanding its consolidation plan of its branch sales offices in North America, according to an internal memo to employees from Ford Motor Credit Chairman and CEO Mike Bannister that was obtained by The Detroit News.
Ford Motor Co.’s finance arm said it will cut the number of sales offices from 163 to 74 and each will offer loans through all Ford brands, including Volvo, Jaguar, Mazda and Land Rover.
In addition, Ford Credit has reduced its global salaried and contract personnel 8 percent this year and is working to cut its total global expenses 5 to 10 percent, reported The Detroit News.
The memo follows Ford Motor's announcement in June that it would cut 1,750 white-collar positions by Oct. 1 and eliminate bonuses for managers and suspend 401(k) matches for salaried workers.
Ford Credit was not affected by the job cuts outlined in that announcement, but it did slash manager bonuses and freeze retirement fund matches along with its parent company.
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