General Motors to Slash 23,000 Hourly Jobs

In another bid to stave off bankruptcy, General Motors today announced new plans to slash its American work force. The sputtering automaker said it will cut 21,000 hourly employees by 2010 and an additional 2,000 by 2011. The layoffs will reduce GM's American hourly work force by more than one-third, to 38,000, and would cut the company's costs by $2.6 billion. The company also plans to accelerate the closure of more than a dozen factories, phase out its Pontiac brand and reduce the number of...Full Story
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