GM to cut total of 21,000 US jobs (BBC)

[eppur_se_muova]

General Motors (GM) is to cut 21,000 US jobs this year and phase out its Pontiac brand, as it aims to meet a 1 June deadline to revamp its business.

GM has to complete its restructuring by then to gain the government loans it needs to avoid bankruptcy protection.

After shedding Pontiac by the end of 2010, GM will focus on its Chevrolet, Cadillac, Buick and GMC brands.

The firm also said it hoped to halve its debts by persuading bondholders to swap $27bn (£19bn) of bonds for shares.

The loss of 21,000 hourly jobs includes an additional 7,000 to 8,000 employees from a plan submitted to the government on 17 February.
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more: http://news.bbc.co.uk/2/hi/business/8021029.stm

[xCrushx]

1. Pontiac sucked

This was long over do. GM wouldn't be in as much trouble as they are today if they would have gotten rid of Pontiac a long time ago. However it comes at the absolute worst time during a failing economy. I feel bad for all the employees losing their jobs. Hopefully they'll be able to find something else soon.