Ford’s job cuts to hit North America and Asia most

Ford plans to cut about 10% of its global salaried workforce while retaining the technology talent it’s recruited to develop driverless and electric cars, according to a person familiar with the strategy.

Jobs are being cut as Ford’s directors pressure chief executive officer Mark Fields to boost profit and a lagging stock price. The reductions are expected to target salaried employees mostly in North America and Asia, said the source. Some are also expected in Europe, where Ford already has retrenched.

Mr Fields is working to cut costs by about $3bn (€2.74bn) this year. With Ford’s stock down about 37% since he became CEO in 2014, Mr Fields is caught between pleasing a board pressuring him to boost fading profits while placating US president Donald Trump, who is pushing automakers to add US jobs. Ford also is pouring billions into electric, self-driving cars and ride-sharing as its struggles more than General Motors with a slowing US market.