GM announces job cuts, suspends dividend

U.S. automaker will borrow at least $2 billion in to bolster liquidity

DETROIT – General Motors Corp said on Tuesday it would cut salaried employment costs by 20 percent, sell up to $4 billion of assets and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.

GM also said it would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industrywide auto sales in a decade.


GM Chairman and CEO Rick Wagoner discussed the changes at a news conference Tuesday morning.

The changes come amid pressure from Wall Street for GM to cut some of its eight brands, but it wasn