VW cuts jobs and profits but pays executives millions in bonuses

Key Points

1. 1
   Volkswagen Group announced the cancellation of approximately 12% or roughly 48-63 thousand jobs globally due to declining profits.
2. 2
   The company reported a significant drop in profitability, with profit falling by between one-third and nearly half depending on which specific report is cited as accurate at this time
3. 3
   While regular employees face job cuts resulting from the financial downturn, former executives are receiving substantial severance packages totaling millions of euros or dollars.