GM to cut 15 pct of US, Canadian salaried workers

General Motors Corp. plans to cut 15 percent of its U.S. and Canadian salaried work force — or around 5,100 jobs — by Nov. 1 as part of a plan to slash billions of dollars and help the automaker ride out a slump in U.S. sales. A GM official declined to confirm the specific numbers but indicated they were generally accurate. The official asked not to be named because the company had not planned to release the numbers until later.

Word of the cuts came two days before GM plans to release its second-quarter earnings. Analysts surveyed by Thomson Financial are predicting a loss of $2.63 per share amid plummeting truck and sport utility vehicle sales.

GM said in mid-July that it would cut white-collar costs in the U.S. and Canada by more than 20 percent as part of a larger cost-cutting plan, but it wouldn't say how many workers would leave. Yahoo! Finance

GM President and Chief Operating Officer Fritz Henderson said at the time the company hoped most of the cuts would be made through attrition, retirements and buyout offers, but that the company would consider involuntary layoffs.