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General Motors Reviews All Business Areas Amid Funding Crisis (Visit this link)
David Shepardson from the Detroit News: GM chairman and CEO Rick Wagoner said the company is conducting an intensive review of most aspects of its business, saying the company is in a "crisis." Wagoner didn't rule out more plant closures or eliminating additional vehicles when it sends the U.S. Treasury its restructuring plan on Tuesday. "As we're doing for most parts of business is a structured review ... of what we see as far as plants and brands and things of that sort. What's the competitive resource level that we can afford." He said the 10,000 salaried job cuts announced today are "a painful part of readjusting the organization globally to the realities of a significantly smaller automotive market." He said pay cuts of up to 10 percent for salaried employees are not permanent. "Obviously the salary reductions are temporary and I think very specifically address the current kind of crisis that we're in -- the funding crisis," Wagoner told The Detroit News. In December, GM told Congress it planned to shutter nine plants by 2012, cut up to 31,000 employees and close, shrink or sell its Saab, Pontiac, Saturn and Hummer brands. Since then, auto sales have continued to plummet.
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