DETROIT (AP) -- General Motors Corp. is expected to cut several thousand salaried jobs and further slash truck production in response to falling U.S. sales and Wall Street's demands for more action to stem its losses, according to people briefed on the plan.
GM Chairman and CEO Rick Wagoner is scheduled to discuss the changes at a news conference Tuesday morning. GM released no further details, but salaried job cuts and cuts to benefits and executive compensation are likely.
The people briefed on the plan say GM will further reduce its truck production to focus more on small cars, and also will likely detail plans to raise more cash to fund its restructuring. The people requested anonymity because the plan was not yet public.
The second largerst bank failure in US history, and GM is funding a restructuring. Times are real bad. I'm scared.
Hold on tight Steve, The worst is yet to come! Sad thing is alot of this mess could have been avoided if those in power had brains instead of greed! just my 2 cents!
Jimbo
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A few weeks ago I read about cutting the GMC line as well as some of the Pontiac line. This will be interesting. Wonder if Toyota will help in the "restructuring?"
With everything that the USA has moved to and still movig to China and Japan, it might be overcrowded. May have to look at other countries to move our manufacturing plants and industy to.
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Sad thing is alot of this mess could have been avoided if those in power had brains instead of greed! just my 2 cents!
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