logo
Plus   Neg
Share
Email

GM Reportedly To Start Laying Off More Than 4,000 Salaried Employees Monday

General Motors Co. (GM) will begin on Monday a weeks-long process of laying off about 4,250 salaried employees, according to the reports citing people familiar with the plans.

As part of a larger restructuring effort, GM will start salaried workforce reductions in earnest Monday, with more involuntary separations continuing through February, the reports said.

The layoffs are the latest move in a sweeping restructuring of the automaker's global operations. They include indefinitely idling five North American manufacturing plants later this year, expected to save the company up to $2.5 billion in 2019 and a total of $6 billion by 2020. The plants facing potential closure include Detroit-Hamtramck Assembly, Warren Transmission, Baltimore Operations and Lordstown Assembly in northeast Ohio.

GM largely will complete an ongoing effort to cut some 8,000 salaried and contract jobs this month, the source said. As part of its restructuring, the automaker also is cutting its global executive workforce by 25 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
eBay Inc. (EBAY) Wednesday reported a fourth-quarter profit that trumped Wall Street analysts' estimates, as did revenues. However, shares of the company slipped over 5% after the company issued a weak outlook for the first quarter. eBay's fourth-quarter profit dropped to $558 million or $0.69 per... Apple Inc. (AAPL) Wednesday reported a first-quarter profit that trumped Wall Street estimates, as the iPhone maker reported its "highest quarterly revenue ever" driven by strong demand for its iPhone 11 and 11 Pro models during the holiday season. The tech giant also issued a strong revenue outlook... New York Attorney General Letitia James has fled a lawsuit against Vyera Pharmaceuticals and two of its former CEOs, including imprisoned 'Pharma Bro' Martin Shkreli, for illegally monopolizing a life-saving drug Daraprim. The lawsuit seeks a lifetime ban on Shkreli and his business partner Kevin Mulleady working in the pharmaceutical industry.
Follow RTT
>