Chop! Chrysler to Cut 25% of Salaried Workforce

On the heels of GM's letter to executives yesterday about salaried worker layoffs, Chrysler has announced today that it intends to cut 25 percent of its salaried work force beginning in November. Nardelli has these words to say:

"These are truly unimaginable times for our industry. We continue to be in the most difficult economic period most of us can remember. The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continues to weigh on the economy. Never before have auto industry sales contracted at such a fast rate. Throughout this challenging time for our industry and our company, we have continued to face the realities of our business environment, and working as a team, we have been right-sizing our organization to become as competitive as possible."

I have another word for it: inconceivable!