CNBC: GM to halt production at several plants, cut more than 14,000 jobs

GM to halt production at several plants, cut more than 14,000 jobs

Robert Ferris | CNBC | November 26, 2018

KEY POINTS:

• The automaker plans to cut production at several factories and reduce its salaried workforce by 15 percent, more than 14,000 employees.
• The reductions are part of a massive restructuring that will cost up to $3.8 billion.
• The UAW responds by vowing to use “every legal, contractual and collective bargaining avenue” to fight the changes.

Sam Huszczo, who owns SGH Wealth Management outside of Detroit, said many of his financial planning clients at GM told him they believe about 4,000 people with average salaries of around $120,000 already took buyouts offered last month.