Automaker looking at deep cuts

DETROIT -- Ford Motor Co. will trim its payments to contract-labor firms by 7 percent in a move that could save the nation's second-biggest automaker tens of million of dollars, a Ford official said Tuesday.

Meanwhile, the Financial Times reported Ford is considering cutting more than 8,000 salaried jobs, or up to 20 percent of its U.S. white-collar work force, saving it $1 billion, as part of a companywide cost-cutting strategy.

Ford spokesman Jim Vella told the Associated Press that the company would announce a restructuring plan in January, and the automaker has so far made no decisions regarding job cuts.

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