Chrysler Financial announced on Monday that it will cut more than 5,500 jobs across the company, as part of a plan to trim $6.5 billion in cash by the end of the year.
The company said it will also reduce its headcount in the automotive industry by 4,000.
Chrysler has not yet disclosed the total number of job cuts it will take in the United States.
Chrysler said it expects to spend more than $10 billion on restructuring, including hiring new workers and downsizing its workforce.
The restructuring is expected to cost the company about $3.3 billion, according to the company.
Chrysler was founded in 1902 and is headquartered in Toledo, Ohio.
It is the third-largest U.S. automaker, behind General Motors and Ford Motor.
It recently announced it will sell its remaining auto assets to a Chinese company, CNA.
CNA, a subsidiary of China’s State Councilor Zhang Gaoli, is the largest state-owned construction company in China.
The sale will be completed by March 2019.
Chrysler has faced criticism from Democrats and labor unions in recent months over its handling of the auto industry.
The automaker recently agreed to pay $15 billion in fines and to take another $1.6 billion in severance pay in connection with the scandal.
The company has also faced scrutiny in recent years over its performance and safety record, and the government has launched investigations into its practices in the auto sector.