The source cited "unprecedented difficult conditions in the financial markets," as the impetus for the cuts, which will be company-wide.
GM isn't the only company making cut backs... so is Goldman Sachs! As everyone believed Goldman Sachs was doing well, even with the recession going on, looks can be deceiving. If Goldman Sachs was doing so well, why are they cutting jobs? Although they are only cutting 10% of their employees, they're not as bad as GM who plans on cutting 20%.
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