Peugeot to Cut Additional 1,500 Jobs as Europe Sales Plunge
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PSA Peugeot Citroen, Europe’s second-largest carmaker, will eliminate an additional 1,500 jobs by 2014, deepening its workforce reduction as auto sales in the region plunge to a 17-year low.
The cuts, which come on top of 8,000 announced in July, will be made by not replacing people who leave, Jonathan Goodman, a spokesman for the Paris-based company, said. The shares gained the most in almost five months.