Nissan to Cut Jobs

Nissan Motor Company, Japan’s third largest automaker, is feeling the effects of the slumping economy. Nissan has announced that they will be cutting 20,000 jobs. Those 20,000 jobs make up 8.5 percent of the global workforce. Along with cutting jobs, bonuses for their board of directors will also be slashed.

In the last nine years Nissan has not recorded a loss. However, when the fiscal year ends in March, Nissan is expecting to record a three billion dollar loss.

Other Japanese companies that have been affected during these difficult times include Toyota, Toshiba and Sony.