Car manufacture Nissan has announced it will cut 20,000 jobs worldwide from April.
It also said it would be cutting capital spending by 21 per cent in the year to March 31st and would cut such outlays by a further 14 per cent in the year from April.
The Japanese company said it expected to make a loss of 265 billion yen (£2 billion) for its current financial year.
Chief executive Carlos Ghosn said the global car industry was in turmoil and said Nissan was no exception.
The jobs cuts will see Nissan's workforce drop from 235,000 to 215,000. However, the car manufacture has yet to announce which of its plants will be affected.
Between October and December Nissan made an operating loss of 99.2 billion yen and a net loss of 83.2 billion yen.
Last month the company announced 1,200 jobs would be lost from its UK plant in Sunderland.
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