Wednesday, automaker General Motors Co. (GMGMQ.PK) intends to cut about 1,000 salaried jobs this month as part of its previously announced plans to reduce costs by trimming the size of its workforce, reports said.
On June 1, General Motors filed for voluntary Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in New York's Southern District in Manhattan. Following the bankruptcy filing, the company announced that it would cut an additional 4,000 salaried workers by the end of the year. White-collar workers were offered buyouts or retirement packages earlier this summer and faced an August deadline to accept.
GM spokesman Tom Wilkinson reportedly said in an interview that 1,900 non-union workers accepted buyout and early-retirement offers and most of them are expected to be gone by October 1. Those who volunteered to retire will receive enhanced benefits, while less-senior workers will get as much as six months of pay and benefits, or as much as a year for executives, Wilkinson reportedly said.
Another 1,100 headcount reductions are expected to come through attrition, further retirements and, possibly, more involuntary terminations.
On July 10, 2009, General Motors, now known as Motors Liquidation Co. (MTLQQ.PK), emerged from bankruptcy and the new company began operations with a new corporate structure and a stronger balance sheet, majority-owned by the U.S. Treasury Department.
The Detroit-based car maker is shrinking its workforce to match reductions across its operations, including the shutdown of 14 U.S. plants and three warehouses by the end of 2011 and the planned sale or elimination of half its eight domestic brands.
MTLQQ.PK rose $0.01 and closed Wednesday's regular trading at $0.79.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.