20:32:35 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



General Motors Company
Symbol GMM
Shares Issued 1,510,595,425
Close 2017-05-16 U$ 33.38
Market Cap U$ 50,423,675,287
Recent Sedar Documents

Globe/wire say GM rival Ford plans to cut jobs

2017-05-17 07:41 ET - In the News

The Globe and Mail reports in its Wednesday edition that unnamed sources say General Motors' rival Ford Motor plans to trim about 10 per cent of its global employees while retaining the tech talent it has recruited to develop driverless and electric cars. A Bloomberg dispatch to The Globe reports that jobs are being cut as Ford's directors pressure chief executive officer Mark Fields to boost profit and a lagging stock price. Sources say the reductions are expected to target salaried employees mostly in North America and Asia. Some are also expected in Europe, where Ford already has retrenched. Mr. Fields is working to cut costs by about $3-billion (U.S.) this year. With Ford's stock down about 37 per cent since he became CEO in 2014, Mr. Fields is caught between pleasing a board pressuring him to boost fading profits and placating President Donald Trump, who is pushing automakers to add U.S. jobs. Ford also is pouring billions into electric, self-driving cars and ride-sharing as its struggles more than GM with a slowing U.S. market. Auto consultant Maryann Keller says, "This has to be done surgically rather than randomly or otherwise you lose the talent you need the most."

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