General Motors to Cut Jobs

General Motors Co (GM.N) is cutting hundreds of executive-level and salaried jobs as it looks to cut costs and streamline operations.

The global reductions are in the “low hundreds,” a source said.

GM Chief People Officer Arden Hoffman said in a letter to employees on Tuesday the Detroit automaker is “committed to $2 billion in cost savings in the next two years, which we’ll find by reducing corporate expenses, overhead, and complexity in all our products.”

GM said the job action Tuesday “follows our most recent performance calibration and supports managing the attrition curve as part of our overall structural costs reduction effort.”

Hoffman said “in an environment where our competitors’ margins are improving, it’s imperative that we act now and focus on our own efficiency.”

Reuters/Hauwa Abu