Volkswagen is axing hundreds of management roles as part of a cull of white-collar workers, flooding the job market at a time when Germany’s auto giants are under extreme pressure from Chinese carmakers.
Manufacturers such as Mercedes-Benz and Volkswagen were “squeezing out managers like mad”, said Magnus Tessner, automotive partner at the executive search company IFP.
Many of the managers were searching for new jobs, although their departures had been cushioned by generous exit packages, he said.
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