Nissan to cut 20,000 jobs
The job losses, which account for 8.5% of the company's global workforce, follow a sharp decline in car sales and a predicted loss of £265 billion yen (£2 billion) for its current financial year.
Carlos Ghosn, Nissan's chief executive, said the company's 'worst assumptions on the state of the global economy have been met or exceeded'.
The cuts will reduce Nissan's global workforce from 235,000 to 215,000, and will take place between March 2009 and March 2010.
Nissan is yet to announce where the job losses will be made, but the company has already said that 1200 will go at its factory in Sunderland.
The company revealed a fall in sales of 18.6% between October and December 2009, compared with the previous year.