Peugeot Citroen job cuts after losses

French car group PSA Peugeot Citroen says it expects to cut 11,000 jobs throughout the world in 2009 after reporting net losses of €343m in 2008.

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Announcing the results, chief executive Christian Streiff warned of more losses in 2009. Group turnover in 2008 was down 7.4% to €54.4 billion. The 2008 losses compare with 2007's €885m profit. Streiff warned that the first half of 2009 would be particularly difficult, but added that the company was aiming to move back into profit in 2010...more