Ford to cut global workforce by 10%

Ford plans to cut about 10 percent of its global workforce this week, according to the Wall Street Journal. The automaker's profits dropped by 35 percent in the first quarter to $1.6 billion due to warranties, recalls, and materials. The cuts are likely to target salaried employees but it is unclear whether hourly factory workers will be affected, according to the Journal. While the company did not officially announce the job cuts, they did not deny the report either.