They have already said they were moving some people out of the department but I believe there are going to actually be some layoffs with or without the moves. Too much secrecy and too much silence going on.
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Yeah, those meetings are preparing for next week.
Good luck!
@ymu . . . that's tough to contemplate - You are correct. I recall FMCC 'pulling the financial rabbit out of the hat' (or out of somewhere anyhow) and 'carrying the financial water' on many an earnings call over the years. I wonder if we can even afford the 'thug boats' to help turn this sh!tty ship around. Watch - they will send electric only 'thug boats', totally fail, and then we can get the gubbermint bail-out.
With the used car market returning to normal, cue up the huge provisions for residual losses on the FMCC books....won't be pretty
Credit used to be where we could pull a rabbit out of our financial hat through residual value numbers, but with our current debt load, junk credit status and declining used vehicle values, that probably isn’t an option this quarter. Farley has to immediately show investors $2 BILLION in cost savings or they won’t be impressed. It takes a lot of job cuts to get to that number. If employees that cost $200,000 each annually are terminated, that is 10,000 employees. GM and Stellantis earned a combined $20 BILLION in 2022 while we lost $2 BILLION, mostly due to Ford Next. There has to be BIG change to turn this ship around.