General Motors will reduce its workforce by 5,000 as part of cost-saving measures, Bloomberg reports.
The company is offering compensation to its employees affected by the cuts, and CFO Paul Jacobson stated that this would impact 6% of staff and save the company $1 billion.
The NABE had previously predicted that around 20% of US companies would lay off workers due to the worsening economic situation. Other companies, such as Goldman Sachs Bank and Microsoft, have also announced job cuts.
The Wall Street Journal has estimated that the recession and unemployment rates will increase in the US this year. Zoom has also recently announced plans to lay off 1,300 employees
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