GM LAYOFFS: GM to cut 47000 jobs, close HUMMER, SATURN

One week ago, roughly at the end of February second week, GM had announced a restructuring plan which included 10000 job cuts and also pay cut or salary cut of its employees of upto 10%. You may read the previous announcement in my earlier post on GM Layoffs Salary Cut.

General Motors GM Layoffs News - latest update
General Motors or GM has unveiled a massive restructuring plan which will layoff 47000 jobs worldwide. GM also plans to get rid of its loss making Hummer brand by the end of this year. It also plans to either sell or simply phase out its Saturn brand by the end of 2011. GM currently employes around 250,000 employees all over the world and the above GM Layoffs announcement amounts to cutting the total workforce of GM by a massive 23%

Reasons for General Motors GM Layoffs Job Cut - GM redundancies

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General Motors or GM has been in deep trouble since the beginning of the current economic downturn. Having reported billions of dollars in loss in the past few quarters, GM has already recieved $13.4 billion aid from the US governement and is seeking 'URGENT" $30 billion in aid. The following is quote is from CNBC.
General Motors said on Tuesday it could need a total of up to $30 billion in U.S. government aid—more than doubling its original aid—and would run out of cash as soon as March without new federal funding.
source: WSJ, Reuters,

Feb 18, 2009

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