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Nissan is looking at its first yearly loss in nearly 9 years. The loss is expected to be around $2.9 billion U.S. or 265 billion yen. In response to the loss and the poor economic conditions, the auto maker is planning on cutting 20,000 jobs. The cut amounts to just over 8% of its total global workforce.

The good news (if you can look at it that way) is that Nissan will not be cutting all the jobs at once. Job cuts are expected to happen over time between now and March 2010.

Directors on the board for Nissan’s fiscal year ending in March will not be getting any bonuses. They will also be taking a 10 percent pay cut. Manager’s salaries will also be reduced by 5%.

Jeremy

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