Filed under: Trends, Hirings/Firings/Layoffs, Chrysler, LLC., Earnings/Financials
That Chrysler continues to struggle isn't exactly news. As a whole, the auto industry is tanking and cars just aren't moving off dealer lots. Chrysler initially responded by offering buyouts to its entire workforce, and 25% off all its salaried workers took the company up on the offer. Earlier this week, we learned that the ailing Auburn Hills empire will get cozy with Italian automaker Fiat. What we haven't heard as much about, however, is the health of Chrysler's parent company, Cerberus Capital Management.

Like many investment institutions, the three-headed dog is looking to save money, and some of that cash may come at the expense of its workforce. Cerberus has 275 workers around the globe, and up to 10% of those employees will likely face the axe. The private equity firm has struggled with Chrysler, GMAC and Chrysler Financial, but anyone watching the stock market knows the rest of the business world hasn't really fared much better. Blackstone, which also bid on Chrysler back in 2007, is cutting 5% of its workers, and the Carlyle group 10%. The Cerberus job cuts are only a fraction of the bloodletting Chrysler has had to endure over the past two years, but at least it shows that the Pentastar isn't the only one making the sacrifice.

[Source: Automotive News subs req'd]Cerberus may cut 10% of its workforce originally appeared on Autoblog on Thu, 22 Jan 2009 19:29:00 EST. Please see our terms for use of feeds.


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