Ford is planning to cut its global workforce by 10% in an effort to improve profits.

The Wall Street Journal has reported that Ford wants to cut $3 billion in costs this year.

The job cuts are expected to be announced as early as this week, it says.

In a statement to the paper, Ford said it didn’t comment on speculation.

But chief executive Mark Fields told analysts last week: “We are continuing our intense focus on cost and the reason for that is not only mindful of the current environment that we’re in, but also I think preparing us even more for a downturn scenario.”

Ford's first-quarter profit fell $900 million to $1.6 billion year-on-year.

It is thought the job cuts will come in North America and Asia.