GM begins offering buyouts.

[odanny]

I do wonder how much of this is the result of transitioning to EV's? Or automation? Or sending jobs to India? (seen this one personally)

A months pay for every year and limited health insurance.

Byron Hurd
Thu, March 9, 2023 at 1:15 PM CST·1 min read

General Motors is offering buyouts to salaried workers in an effort to accelerate the cost-cutting efforts announced in its 2022 earnings report. The company has not announced how many employees it wants to shed on the way to its ultimate goal of eliminating $2 billion in operating costs from its balance sheet as it works toward its intended goal of transitioning from internal-combustion to EVs by 2035, AP reports.

In a call with reporters that followed its January earnings announcement, GM Chief Financial Officer Paul Jacobson said the company's position was strong enough that it expected to avoid layoffs and would rely instead on limiting hiring and filling only strategically important roles as they become vacant through natural attrition. That attrition does not appear to have been sufficient thus far.

GM extended the offer to U.S. salaried employees and some global executives. U.S. workers are being offered a month's pay for each year of service (capped at one year) along with supplemental health coverage and a partial payout of bonuses due for 2022. The deadline for employees to accept the package is March 24 and those who take the buyout will have to exit the company by the end of the second quarter (June 30).

GM offers buyouts to salaried workers, cites economic concerns

General Motors is hoping to buy out salaried U.S. employees and some global executives in order to cut costs after downplaying the potential for layoffs.

autos.yahoo.com

 

[Mac-7]

Is GM paying in Dollars or Renminbi?

 

[leftwinger]

Have “they” done it again? Has Obiden 2.0 sent us off on another 2008 collapse? GM, Banks collapsing, Americans weath dropping. UGH!

 

[1srelluc]

GM should have never been bailed-out 10 years ago.

GM CEO

 

[odanny]

Have “they” done it again? Has Obiden 2.0 sent us off on another 2008 collapse? GM, Banks collapsing, Americans weath dropping. UGH!

The bank was a curious deal. They had a $2 billion dollar loss, but they could have recovered, however, a panic was set off when some major corporate customer took out their $2 billion, and it caused a panic withdrawal from everyone that caused the bank to collapse almost overnight. It was an institution, because since it was founded in 1983, was one of the few banks to loan money to risky start-ups. It managed to do that and be successful. No more.

 

[1srelluc]

The bank was a curious deal. They had a $2 billion dollar loss, but they could have recovered, however, a panic was set off when some major corporate customer took out their $2 billion, and it caused a panic withdrawal from everyone that caused the bank to collapse almost overnight. It was an institution, because since it was founded in 1983, was one of the few banks to loan money to risky start-ups. It managed to do that and be successful. No more.

So a woke bank was brought to it's knees by a mean corporation.....Is that what you are going to have us believe?

Nah, as best as I can tell the start-ups they were loaning to were paying their notes with more loaned money.

 

[leftwinger]

The bank was a curious deal. They had a $2 billion dollar loss, but they could have recovered, however, a panic was set off when some major corporate customer took out their $2 billion, and it caused a panic withdrawal from everyone that caused the bank to collapse almost overnight. It was an institution, because since it was founded in 1983, was one of the few banks to loan money to risky start-ups. It managed to do that and be successful. No more.

They made bad loans and lost depoitors funds? Where was the FDIC? Banking regulatiors?

 

[two_iron]

They never even paid back the bailout money did they?

GM has always been the mascot for white trash. Josef Stolen is proof of that, with his stolen classified documents stashed behind the Corvette.

 

[odanny]

So a woke bank was brought to it's knees by a mean corporation.....Is that what you are going to have us believe?

No, not at all, it was brought to its knees by a panic withdrawal. The "mean corporation" merely preceded it.

 

[leftwinger]

They never even paid back the bailout money did they?

GM has always been the mascot for white trash. Josef Stolen is proof of that, with his stolen classified documents stashed behind the Corvette.

I think obiden 1.0 got GM stock? Which they sold at a loss years after.

 

[odanny]

They made bad loans and lost depoitors funds? Where was the FDIC? Banking regulatirs?

I don't think this bank was regulated, or insured, by either. Corporations like Roku and Pinterest may lose billions.

 

[1srelluc]

No, not at all, it was brought to its knees by a panic withdrawal. The "mean corporation" merely preceded it.

I'd not call a timely withdraw a panic move. I suspect they got wind of the BOD selling their shares off.

 

[candycorn]

They never even paid back the bailout money did they?

GM has always been the mascot for white trash. Josef Stolen is proof of that, with his stolen classified documents stashed behind the Corvette.

Yes. They paid back the money. Ahead of schedule.

 

[leftwinger]

Yes. They paid back the money. Ahead of schedule.

Always a lying POS commee loon to muck up civilization.


The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.02 Taxpayers didn’t fare nearly as well, losing $10.6 billion by the time the U.S. Treasury department closed the books on GM’s $49.5 billion bailout in December and taxpayers also lost $1.3 billion on Chrysler Group’s bailouts issued during the financial crisis but overall made money overall on all federal bailouts issued during that time period