GMAC to cut over 900 jobs
DETROIT (AP) - February 20, 2008 The cuts announced Wednesday represent about 15 percent of the
work force in the auto loan business unit.
The company says it will combine several offices into five
regional business centers in the Atlanta, Chicago, Dallas,
Pittsburgh and Toronto areas. It expects to save about $175 million
per year with the moves.
GMAC lost $2.33 billion last year as the housing slump and
disruptions in the credit and capital markets battered its home
mortgage division.
GMAC is General Motors Corp.'s former finance arm. In 2006, GM
sold 51 percent of the business to an investment group led by
Cerberus Capital Management LP.
