Do or die

Do or die - Nissan takes the axe to the house Ghosn built

YOKOHAMA, Japan (Reuters) - Nissan (7201.T) is planning aggressive cost cuts to deal with an unexpected slump in sales as the expansionist strategy it inherited from fugitive former Chairman Carlos Ghosn flounders, four people familiar with the plans said.

Japan's second biggest carmaker is set to eliminate at least 4,300 white-collar jobs and shut two manufacturing sites as part of broader plans to add at least 480 billion yen ($4.4 billion) to its bottom line by 2023, two of the people told Reuters.

The moves come on top of a turnaround plan unveiled in July and are likely to include cutting Nissan's range of cars and the array of product options and trims in each line, slashing jobs mostly at head offices in the United States and Europe, and reducing advertising and marketing budgets, they said.

"The situation is dire. It's do or die," a person close to Nissan's senior management and the company's board told Reuters.

Most of the planned cuts and measures to enhance efficiency were presented to Nissan's board in November and received its general blessing, two sources said.