More GM Cuts: Jobs, Bonuses and Dividends

Just when you think they have cut enough at GM and it wont be any more changes for a while, they throw yet another wrench in the assembly line. This is really going to hit them hard with another waive of lay-offs and cuts across the company. Below is an article excerpt from Automotive News on the new “trimmings” that will be coming down the line for GM.

DETROIT (Reuters) – General Motors said today it would cut salaried employment costs by 20 percent, sell up to $4 billion of assets and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.

GM CEO Rick Wagoner, speaking to employees before a 9 a.m. press conference, also said GM would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industry wide auto sales in a decade.

The full story can be found on Automotive News Here!

Tags:

You may also subscribe by e-mail and get free updates in your inbox. We do not spam or share your email address and it is completely free!