Japanese Carmaker Nissan announcing 20,000 Jobs Cut

The global economy is in the doldrums. Nations are battling a nightmare called recession. The saddest story of the financial meltdown is the common man. In less than a month, over 30 well known international companies have announced job cuts. In this list, Japanese automaker Nissan has also joined, announcing to cut 20,000 jobs worldwide. The reason for this huge job cut is due to the sharp fall in the sales last year.

The job cuts follow the motor marque’s decision to axe 1,200 at its UK plant in Sunderland last month. A Nissan spokesman was unable to confirm if UK jobs would be affected this time, or if marketing roles under review.

Nissan Sales were down by 18.6% over the last year. The company has sold 731,000 vehicles worldwide between october and December 2008. The japanese carmaker says it expects to make a loss of 65bn Yen (2bn Pounds) for the current financial year.

Nissan chief executive Carlos Ghosn said the the firm’s “worst assumptions on the state of the global economy have been met or exceeded. The global auto industry is in turmoil. Nissan is no exception.”

Nissan says the 20,000 job cuts would be made between March 2009 and March 2010. The reduction will see the size of its global workforce fall to 215,000 from 235,000.