Peugeot Citroen slashes jobs to offset shrinking market
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French auto group PSA Peugeot Citroen has announced that it would cut 8,000 jobs in its domestic operations.
That's because a sharp downturn in the European market has led to a loss in the first quarter.
PSA is France's biggest carmaker and second in Europe to Germany's Volkswagen.
It said it expected the European market to shrink 8 percent this year and had to adjust its business in the face of a worsening outlook.
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