GM is also dealing with some higher costs associated with tariffs on imported steel and aluminum, which has raised its commodity costs by about $300 million in the third quarter, and could raise costs by $1 billion next year. "The voluntary severance program for eligible salaried employees is one example of our efforts to improve cost efficiency".
Employees who are eligible for the buyout have until November 19 to decide.
The company has a cost-saving target for the move but has not disclosed that target nor what it is offering employees who decide to opt for the buyout package.
The company said in a separate statement that it would consider layoffs after it sees the impact of the buyouts and other cost cutting efforts. The buyouts do not affect hourly workers at GM's assembly plants.
GM shares jumped more than 8 percent in pre-market trading.
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They're not gonna pay that kind of money for three assistants on the bench. "They don't want me, so they obviously know". Jim Boylan has filed a lawsuit against the Cleveland Cavaliers alleging age discrimination.
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Security officials said at least another 12 people were wounded in the attack, which bore the hallmarks of Islamic militants. As defense minister, el-Sissi led the military's 2013 ouster of an Islamist president, whose one-year rule proved divisive.
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Earlier this month, Ford said it would cut its 70,000-strong global salaried workforce by an unspecified number and hoped to complete the cuts by the end of June 2019. Excluding one-time items, the company made $2.46, far exceeding analyst projections of $1.64 per share, according to a survey by FactSet. And its pretax profit in North America, its most lucrative market, rose 33 percent to $2.8 billion with a profit margin of 10.2 percent. The Detroit automaker put up a record income of $500 million from July through September in China despite declining sales and rising trade tensions.
A year ago, GM posted a $3 billion net loss due to a $5.4 billion charge for selling Opel and Vauxhall to France's PSA Group.
GM will continue its effort to recruit talent for certain areas of the business it is expanding, namely engineering and technology for its work on self-driving cars, electric vehicles and mobility services and battery production. There is also a threat that costs of auto parts could rise if the Trump administration goes ahead with plans it is weighing to put tariffs on imported vehicles and parts.
Retired Chief Financial Officer Chuck Stevens hinted at white-collar cutbacks in April of 2017 when he told analysts that GM is looking for cuts as it simplifies its business after its exit from Europe. Wednesday, it said it would make $6.5 billion in reductions for 2018.