Chrysler Financial To Restructure Business Operations
Realignments would have the effect of reducing company’s total workforce by 9%
Chrysler Financial has planned to restructure its business operations to align operating expenses with current revenue expectations. The company’s recent move is in light of declining vehicle sales, tight capital markets, and the decision to shift Chrysler Group LLC subvented retail business to GMAC.
The impact of the realignments will have the effect of reducing the company’s total workforce by about 9%, said Chrysler Financial.
The company said that there would be workforce reductions in each of its eight business centers and at the corporate headquarters in Farmington Hills, Michigan.
Through the restructuring, all US retail credit acquisition activities would be consolidated into the Great Lakes business center in Auburn Hills, Michigan.
Tom Gilman, Chairman and CEO, Chrysler Financial, said: While these were difficult decisions to make, they are necessary in light of our declining portfolio. We have made every effort to limit the number of job losses and to ensure the affected employees are treated fairly.
Chrysler Financial offers automotive financial products and services to both dealers and consumers of Chrysler Jeep and Dodge vehicles in the US, Canada, Mexico and Venezuela. It also offers vehicle retail financing to more than 3,000 Chrysler dealers.
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