GM cutting 7,900 salaried jobs by end of year

Jun 1, 2009, 10:13 a.m. EST

GM cutting 7,900 salaried jobs by end of year


?NEW YORK (MarketWatch) — General Motors Corp. (GMGMQ 0.62, +0.01, +0.82%) said Monday it would cut 7,900 jobs this year as part of its move to emerge from bankrtupcy. The auto maker said it’ll cut salaried employment in North America from its year-end total of 35,100 to approximately 27,200. It’ll also reduce retiree benefits for salaried retirees and non-UAW hourly retirees. GM also said GM Europe has an agreement for bridge financing from the German government and a Memorandum of Understanding to partner with Magna International Inc. (MGA 32.02, -0.23, -0.71%) . GM’s Opel/Vauxhall assets have been pooled under Adam Opel GmbH, with the majority of the shares of Adam Opel GmbH being put into an independent trust. Negotiations to close the agreement should take several weeks, GM said

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