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Ford Motor is cutting 3,000 jobs from its global workforce as the automaker grapples with lowering costs as part of restructuring efforts under CEO Jim Farley.

Ford started notifying employees of the cuts on Monday, a company spokesman confirmed. The cuts will include 2,000 salaried positions and 1,000 agency jobs in the U.S., Canada and India, Farley and Ford Chairman Bill Ford said in a message to employees obtained by CNBC.

“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century. It requires focus, clarity and speed. And, as we have discussed in recent months, it means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors,” the message reads.

Ford’s cost-cutting actions are the latest in a series of efforts by companies to reduce costs and employee headcount amid fears of a potential recession or economic softening, with inflation hovering near a 40-year high.

The cuts, which were first reported Monday by Automotive News, come less than a month after Farley told analysts that “we absolutely have too many people in certain places, no doubt about it.”

“There are opportunities to be more efficient and more effective in all the business units and all the functions that support them,” Ford spokesman T.R. Reid told CNBC.

Ford employs about 31,000 salaried workers in North America.  As of the end of last year, Ford had 186,769 employees globally, with 90,873, or 48.7%, of those workers located in the U.S.

“We worked differently than in the past, examining each team’s shifting work statement connected to our Ford+ plan. We are eliminating work, as well as reorganizing and simplifying functions throughout the business,” read the message to employees.

Ford’s stock plunged  5% in late morning trading Monday to $15.10 a share. The stock is down about 27% in 2022.