Ford will lay off 7,000 white-collar workers Unlisted Video

Ford is cutting 7,000 white-collar jobs, or about 10% of its salaried staff worldwide, as part of a cost-cutting effort.

The company says it will save about $600 million a year, according to CNN.

Ford says workers will begin to be notified of cuts starting Tuesday, and the terminations will be completed by the end of August.

About 2,400 of the jobs cuts are in North America, and 1,500 of the positions were eliminated through a voluntary buyout offer.