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VW Weighs Cutting 15,000 Staff on Plant Closures, Jefferies Says
- Analysts see shutdown provisions of as much as €4 billion
- Closures don’t require board approval, managers tell Jefferies
Employees fit a bumper to a Volkswagen car at a plant in Zwickau, Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Volkswagen AG could force through decisions on plant closures this year, paving the way for more than 15,000 job cuts, according to analysts at Jefferies.
The automaker could shutter production facilities without needing approval from the supervisory board, leading to possible provisions of as much as €4 billion ($4.4 billion) in the fourth quarter, Jefferies said Monday, citing comments from VW executives. The board has in the past blocked management’s restructuring efforts.