Ford Motor announces 600 job cuts related to UAW strike

(Reuters) - Ford Motor has announced layoffs of 600 workers at its Michigan assembly plant, related to the United Auto Workers (UAW) union strike, CNBC reported on Friday.

 

 At Ford's Michigan Assembly Plant in Wayne, Michigan, dozens of UAW members were picketing the factory's main entrance on Friday, and many rued changes to their contract and work rules over the past 15 years that especially cut new "Tier II" hires at lower wages and reduced benefits.

Citigroup reorganizes businesses, cuts jobs as bank is mired in stock slump

While some rivals have been eliminating jobs amid a slump in Wall Street activity, Citigroup staff levels have grown as the firm complies with regulators’ demands to improve risk controls. The bank had 240,000 workers as of June, 4% higher than a year earlier.

CEO Jane Fraser addressed the coming job cuts in a memo to staff.

“We’ll be saying goodbye to some very talented and hard-working colleagues who have made important contributions to our firm,” Fraser said.