GM readies for new round of job cuts

DETROIT (Reuters) – General Motors Corp Chief Executive Rick Wagoner is slated to announce the automaker’s second major restructuring package in six weeks on Tuesday as the company looks to cut costs and win back investor confidence in the face of slumping sales.

The cost-cutting will include widespread job cuts for white-collar workers, including engineers assigned to now-frozen efforts to develop GM’s next generation of full-size SUVs and pickup trucks, people familiar with the plans said.

Analysts also expect GM to unveil a shake-up of its product portfolio to reflect steps intended to make the line-up more competitive on fuel efficiency.

Reuters