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Mon, May 20, 2002 - Page 21 News List

Fiat may cuts 10,000 jobs


Fiat SpA's cost-cutting may affect as many as 10,000 jobs in Italy, Italian newspapers said, citing Fiat SpA Chairman Paolo Fresco. "The impact could affect about 10,000 workers, if you take into account related industries," la Repubblica cited Fresco as saying. "Cutting the workforce at Fiat leads to a far greater impact on the national economy, and particularly the regional economy." Fiat is Italy's largest industrial company and the world's sixth-biggest carmaker. Its auto unit has lost money for seven of the past eight years. The company said Thursday it will cut 3,000 jobs, or about 1.5 percent of its workforce

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