GM May Cut Brands, More Jobs as Industry Gets Worse

Although GM has not announced anything yet, the AP and USA Today are reporting that the company may cut more white-collar jobs, possibly get rid of some brands and quickly introduce more small cars into the U.S. market.

A person familiar with the company’s discussions said Monday that all the options are being considered as GM tries to deal with a harsh economic environment and a major consumer shift from SUVs and trucks to smaller, more fuel-friendly vehicles.

GM’s sales are down and last week its stock closed below $10 for the first time since September 1954. As the company struggles, it announced last month that four of its truck and SUV plants will close this year.