Ford Motor Credit Company said on Thursday it will reduce costs in the U.S and Canada by cutting 2,000 jobs and will consolidate most of its servicing operations.

In a bid to reduce costs and improve process efficiencies, Ford Motor Credit Control will consolidate its remaining 59 U.S. branches into 6 existing service centers. The consolidation is expected to be completed by the end of next year. A similar structure is also being considered for operations in Canada, which currently has seven branches and one service center.

The North American restructuring also will provide us with the flexibility and scale necessary to adapt to any changes in business conditions, said Mike Bannister, Ford Motor Credit's chairman and CEO.

In the last decade, Ford Motor Credit has re-organized operations in Australia, Germany, Japan, Mexico, North America and the UK with a focus on reducing costs and improving process efficiencies. Since 2003, Ford Motor Credit has closed nearly 110 branches in the U.S. and Canada.