Euro Crisis: Peugeot cuts 8000 jobs

European carmaker Peugeot Citroen has cited a “profound crisis” in Eurozone markets for the loss of 8,000 jobs and fall in demand.

After suffering a 13% fall in Q1-2 2012 sales Phillipe Varin, said that “the depth and persistence of the crisis” had led to the reorganisation. Addressing the potential impact of the announcement Mr Varin argued that “I am fully aware of the seriousness of today’s announcement, as well as of the shock and emotions they will arouse in the company”.

The declining first-half results form part of a longer-term trend for Peugeot, with demand down by 23% between 2007-2012. Following the redundancies and reorganisation the firm expects operating cash flow to return to breakeven by the end of 2014.

In a statement Peugeot argued that the measures were necessary “to restore its competitiveness and secure its future”

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @clemchambers

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  ADVFN News Bulletin

• 

  Capital Spreads

• 

  Our Man In Rio

• 

  Neto Trade Analysis Department