Ford cutting 7,000 white-collar jobs

Detroit — Ford is cutting 7,000 white-collar jobs, or about 10% of its global salaried workforce, as it nears the end of a major company restructuring by the end of August.

The company said Monday that the plan will save about $600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager.

"We understand this is a challenging time for our team, but these steps are necessary to position Ford for success today and yet preparing to thrive in the future," the company said in a statement.

In the U.S. about 2,300 jobs will be cut through buyouts and layoffs, about 1,500 of which have already happened. About 500 U.S. workers will be let go this week.

Ford shares, which have risen 32% this year, closed Monday down slightly to $10.28.

Ford is not the first U.S. automaker announcing mass layoffs. General Motors sparked outrage in February when it announced 4,000 white-collar layoffs to reduce its headcount by 15%.