BMW to cut jobs to lower expenses

Germany based automobile manufacturer BMW has now said in a statement that they are going to cut jobs in the company to lower expenses.

The company said that they are going to eliminate several thousand posts and also cut on personal expenses.

BMW aims to achieve cost reductions of up to 500 million Euros a year through these measures.

They are planning to come out with measures such as voluntary departures. And they are not going to replace workers who retire or leave the company.

Market sources claim that the company could cut as many as 8,000 posts to achieve their targets of cutting costs.

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