GM Laying Off Thousands Before Wednesday’s 4th Quarter Earnings Report

The layoffs have begun at GM with 4,000 already let go today.

NBC News reports:

“General Motors will begin involuntary layoffs on Monday, hoping to complete the latest round of cutbacks before releasing its fourth-quarter earnings on Wednesday.

In all, about 4,000 workers in its North American operations will be terminated, part of a broader series of cuts expected to save the automaker billions of dollars and help it prepare for an expected slowdown of the U.S. automotive market during the next several years.

‘This is not going to be like Black Friday,’ one source told NBC News, referring to the massive cutback GM ordered in the run-up to its 2010 bankruptcy.

That said, the largest of the Detroit-based carmakers will, with the latest cuts, have eliminated more than 14,000 jobs in the U.S. and Canada since November.

The job reduction was part of a broader plan approved by GM’s Chief Executive Officer Mary Barra that also will see three North American assembly plants and two component factories close by the end of 2019.”

For the rest of the story, visit NBC News here.

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