From the Wall Street Journal:
Chrysler Financial, once the financial arm of the new Chrysler Group LLC, will dismiss roughly 350 employees, or 9% of its work force.
More than 100 of the layoffs are effective Tuesday and will come primarily out of the company’s sales teams. Another 240 will come at the end of August, when a customer call center in Kansas City, Mo., will be closed, the company confirmed.
Chrysler Financial, which effectively ran out of money to lend this spring, cut 2% of its workforce earlier this year and is in the process of winding down its operations.
In an online broadcast to employees Tuesday, top executives at the company told employees to expect even more layoffs in the future, said people familiar with the matter.
Chrysler Financial is effectively in liquidation at this point, as GMAC LLC takes over most of CFC’s credit operations.
Click here for the formal announcement from Chrysler Financial.
