GM cutting 10,000 jobs

[maddezmom]

Source: CNN

GM cutting 10,000 jobs
Troubled automaker reducing worldwide salaried staff by 14%, with a third of layoffs coming in U.S.; remaining workers to have their pay cut for 2009.

NEW YORK (CNNMoney.com) -- General Motors announced Tuesday it is cutting 10,000 workers, or 14% of its salaried jobs worldwide. A third of those job losses will be in the United States.

The troubled automaker also said it will cut the pay for its remaining U.S. salaried staff..

GM (GM, Fortune 500), which is preparing to present a long-term viability plan to the Treasury Department next week, said the cutbacks are part of the restructuring plan it submitted to Congress on Dec. 2 when it was first asking Washington for federal assistance.

GM received $9.4 billion in federal loans in order to allow it to stay out of bankruptcy, and expects to receive another $4 billion in federal loans after its Feb. 17 submission to the Treasury Department.

GM said worldwide salaried staff would be cut to 63,000 from 73,000, and that 3,400 of its 29,500 salaried staff in the United States will be affected. This job reduction will not include voluntary buyout offers, however.



Read more: http://money.cnn.com/2009/02/10/news/companies/gm_staffing/

[onehandle]

1. I reported this was coming a few weeks ago.

I know people.

[PassingFair]

2. Good thing we bailed them out to save our jobs!

:eyes:

[Earth_First]

3. I wonder how may R&D positions this will affect... n/t

[Blue_Tires]

6. this will probably affect the parts suppliers the hardest

[JVS]

4. Good thing we bailed them out!

:eyes:

[OhioChick]

5. Ouch.

:kick: