Skip navigation

GM slashing 30,000 jobs, closing plants


< Prev | 1 | 2
CNBC VIDEO
GM cuts back
Nov. 21: General Motors CEO Rick Wagoner announces 30,000 job cuts and plant closures as part of a broad restructuring plan.

CNBC

INTERACTIVE
Image: The Tata Nano
10 odd-looking foreign cars
From the Fiat 500 to the Tata Nano — these foreign cars leave us speechless.
  Latest interest rates
MortgageHome EquitySavingsAutoCredit Cards
See today's average mortgage rates across the country.
Loan typeToday+/-Last week
30-year fixed
5.01%
4.93%
15-year fixed
4.51%
4.44%
30-year fixed jumbo
5.88%
5.99%
5/1 ARM
4.30%
4.21%
7/1 ARM
4.61%
4.36%
See today's average home equity rates across the country.
Loan typeToday+/-Last week
$30K HELOC
5.20%
5.22%
$30K home equity loan
8.32%
8.38%
$75K home equity loan
8.22%
8.24%
$50K home equity loan
8.19%
8.21%
$50K HELOC
4.93%
4.95%
See today's savings rates across the country.
Savings typeToday+/-Last week
Money market
.95%
.98%
$10K money market
1.03%
1.05%
Six-month CD
1.06%
1.08%
One-year CD
1.53%
1.56%
Five-year CD
2.55%
2.57%
See today's average auto rates across the country.
Loan typeToday+/-Last week
48-month new car loan
6.79%
6.79%
36-month used car loan
7.15%
7.17%
36-month new car loan
6.67%
6.68%
60-month new car loan
6.83%
6.83%
72-month new car loan
6.12%
6.12%
See today's average credit card rates across the country.
Card typeFixedVariable
Standard13.46% 11.48%
Gold12.12% 9.90%
Platinum10.97% 12.21%
All12.31% 11.68%
  LIVE QUOTE
Quotes delayed 15+ min.

The automaker could be facing a strike at Delphi Corp., its biggest parts supplier, which filed for bankruptcy protection last month. GM spun off Delphi in 1999 and could be liable for billions in pension costs for Delphi retirees.

GM also is under investigation by the U.S. Securities and Exchange Commission for accounting errors.

Last week, after the automaker’s shares fell to their lowest level since 1987, Wagoner sent an e-mail to employees saying the company has a turnaround strategy in place and has no plans to file for bankruptcy. Wagoner repeated that Monday, and added that he continues to have the board’s support and hasn’t considered stepping down.

Story continues below ↓
advertisement | your ad here

“I have given no thought to anything but turning the business around,” Wagoner said. “I wasn’t brought up to run and hide when things get tough”

Ford also cutting jobs
GM is not the only U.S. automaker faced with the need to cut costs.

Last week, Ford Motor Co. told employees it plans to eliminate about 4,000 white-collar jobs in North America early next year as part of a restructuring plan. Ford said the cuts will be made in part through attrition and elimination of some agency and contract positions.

The plans were outlined Friday in an e-mail to employees from Mark Fields, president for the Americas.

The cuts will be in addition to 2,750 North American salaried jobs that Ford earlier said it wanted to cut by the end of 2005. Ford started the year with about 35,000 salaried workers in North America.

Dearborn-based Ford reported a third-quarter loss of $284 million, including a loss of $1.2 billion before taxes in North America.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Prev | 1 | 2

Sponsored links

Resource guide