Friday, August 01, 2008
General Motors to axe 5,000 workers
Job losses will happen in US by November
General Motors plans to cut almost 5,000 salaried employees from its North American staff by 1 November as part of a cost-cutting initiative.
The cuts would amount to 15 per cent of GM’s white-collar North American workforce.
The announcement has come amid predictions that the American carmaker is poised to post big second quarter losses.
GM has also said it will cut back on its vehicle leasing operations, which could cause its US sales to drop even further.
It has been predicted that the carmaker’s total revenue will fall about 3 per cent in the second quarter and that GM will suffer an operating loss of $1.49bn (£75m).
In an attempt to offset its struggles in North America, GM has been relying on strong international operations.
DATED: 01.08.08
FEED: MT
General Motors plans to cut almost 5,000 salaried employees from its North American staff by 1 November as part of a cost-cutting initiative.
The cuts would amount to 15 per cent of GM’s white-collar North American workforce.
The announcement has come amid predictions that the American carmaker is poised to post big second quarter losses.
GM has also said it will cut back on its vehicle leasing operations, which could cause its US sales to drop even further.
It has been predicted that the carmaker’s total revenue will fall about 3 per cent in the second quarter and that GM will suffer an operating loss of $1.49bn (£75m).
In an attempt to offset its struggles in North America, GM has been relying on strong international operations.
DATED: 01.08.08
FEED: MT
