BMW Job-Cuts: layoff for 8100 employees: Finance Trading Times

BMW Job-Cuts: layoff for 8100 employees

The bad news is not stopping for the employees in various sectors. After Siemens which is heading for around 7000 job cuts, It’s time for auto major BMW to announce a job cut or layoff.
As per the news, BMW, the auto major of Germany, may be scrapping 8100 jobs. In India, it was TCS which went for a TCS layoff following TCS salary cuts. Then it was IBM which axed 700 jobs across all over India. Then, it was the turn of British Petroleum (BP) and Virgin to go for a job cut in UK. And now, it’s Siemens which is heading for a massive job cut.

As per the news: BMW announced on Wednesday that it was cutting off 8,100 jobs, as the rising euro pushed the company into the kind of tough cost-cutting it had resisted.

Even as rivals like Mercedes-Benz and Audi eliminated jobs and reduced operations, BMW avoided layoffs. That put pressure on its profit margins but burnished its image in Germany as a desirable employer.

The company — whose cars have sold particularly well in the United States — has responded quickly to global trends, notably the rising price of raw materials and exchange rate volatility, largely through hedging.

About 2,500 full-time employees will have to leave BMW in Germany, while about 600 elsewhere — mainly in the global sales network — will be laid off. About 2,500 temporary workers in Germany have already left, and BMW said that 2,500 more would follow by the end of the year. . Table of Contents
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