German carmaker Daimler will cut 1,100 management positions worldwide, German daily Süddeutsche Zeitung reported on Friday.

The maker of the Mercedes-Benz is instituting an austerity program as it grapples with expensive recalls and a slowing global market.

The cuts will affect 10% of all senior roles in Germany alone, the Süddeutsche Zeitung wrote, citing an email sent to staff by the group's works council. The news was confirmed by Handelsblatt and German news agency DPA...

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The CUTS Are Coming! Daimler Prepares To Lay Off Over 1,000 Workers...

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