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According to reports from
,
, and
,
plans to begin laying off more than 4,000 salaried workers starting Monday morning. In a statement to AN, a spokesperson for the automaker said, “We are not confirming timing. Our employees are our priority. We will communicate with them first.”
We’ve been
expecting layoffs at General Motors
since November, 2018. At the time, the Detroit-based automaker announced it would seek to shed 8,100 salaried employees, shut down five assembly plants in North America, and kill off several slow-selling models. One month earlier,
GM offered buyout packages to 18,000 workers
and said it would seek to cut its global workforce by 25 percent. A spokesperson said at the time the moves were “proactive steps to get ahead of the curve by accelerating our efforts to address overall business performance.”
The
are expected to save
up to $2.5 billion in 2019 and as much as $6 billion by 2020.
David Kudla, CEO and chief investment strategist of Mainstay Capital Management, referred to the impending culling as “Black Monday” and told
The Detroit News
that the layoffs would begin around 7:30 a.m. and continue in waves throughout the coming days and weeks.
GM plans to deliver on its fourth-quarter and full-year 2018 earnings report on Wednesday. President Donald Trump plans to deliver the annual State of the Union address a day earlier on Tuesday. We expect to hear plenty more from both sides over the next several days.
from Autoblog http://bit.ly/2RziyWu