Ford Motor Company on Monday informed employees that it would lay off about 7,000 salaried workers, or 10 percent of its global workforce, in the coming months in a cost-cutting measure that officials said would save about $600 million per year.

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The first wave of layoffs will begin Tuesday and include 500 salaried workers in the U.S. this week. In an email to employees, Ford CEO Jim Hackett said job cuts in North America would be completed by the end of the week, with layoffs in international markets to conclude by the end of August.

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