Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (102811)	4/20/2009 1:40:41 PM
From: TH	Read Replies (1) \| Respond to of 110194

John, I heard more cuts were coming, but I've not heard anything yet. I've been at Ford all day. What is the story? Did they file the big BK? GT TH

To: Think4Yourself who wrote (102811)	4/20/2009 1:43:51 PM
From: TH	Respond to of 110194

Holy Cow. I just read the news. I did not expect something this big. GT TH GM to cut 1,600 U.S. salaried positions this week Reuters news.yahoo.com DETROIT (Reuters) – General Motors Corp is cutting about 1,600 salaried jobs in the United States this week as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, the automaker said on Monday. The reductions are part of GM's plan to slash its global salaried work force by about 10,000, or 14 percent, in a bid to cut costs. GM also aims to cut 37,000 hourly jobs worldwide by the end of the year. GM, which has been surviving on $13.4 billion of government loans since the beginning of the year, has until June 1 to prepare deep cuts in debt, labor costs, dealership network and brands to prove that it can return to profitability. The Obama administration has said the alternative would be bankruptcy. GM North American President Troy Clarke said in an email to employees that the cuts were needed to ensure GM's long-term viability. The 1,600 employees will be separated effective May 1, GM said.