ITALY: Fiat: the never-ending saga - COMMENT
Fiat Group may have to announce more layoffs. The embattled industrial group still can't see a solution in sight and may be forced to increase its job-cutting efforts still further. This is the latest move in the long running battle to turn Fiat Group around, but not only is the cost cutting strategy not enough, it will also damage industrial relations still further. A document issued after Italian industrial group Fiat met with unions on the company's existing proposed job cuts says 550 more jobs could go at its powertrain joint venture with General Motors, according to Reuters. The head of Italy's biggest metalworkers union, Fiom-Cgil, refused to sign the job reduction plan, saying he lacked any evidence Fiat's restructuring would do any more than cut costs.
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