Lost Your Job? Hyundai Will Buy Your Car Back

(NEWSER) - GM will cut 10,000 jobs this year, including 3,400 in the US, the Wall Street Journal reports. The cuts represent 14% of GM’s salaried workforce overall, and 12% in the US. Most of those lucky enough to survive the axe will get a 3%-7% pay cut, while execs will see salaries cut 10%. The cuts will be part of the restructuring plan the company must submit to Congress next week. More»

Chrysler, VW saw huge gains

(NEWSER) - Americans may be worried about the economy, but they still need to get where they’re going. Auto sales beat expectations last month, rising 14% to 994,721, their fastest sales pace since August 2009, reports the AP . Chrysler led the pack: The automaker’s sales jumped 45%, Reuters reports. Close behind was Volkswagen, whose sales soared 41%; Hyundai, Nissan, and Ford also saw double-digit gains. More»

Aims to save $5B per year

(AP) - The rumored cuts ranged from 10,000 to 40,000 jobs. The reality is somewhere on the upper end: Bank of America says it will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The troubled bank expects many of the cuts will come through attrition and eliminating unfilled positions, and notes that while the number of job cuts isn't fixed, it anticipates they will total 30,000. It hopes to achieve the $5 billion in annual cost savings by 2014. More»

As many as 10K could eventually get the boot

(NEWSER) - Bank of America Corp. is cutting 3,500 jobs this quarter, and plans to cut many more in the quarters ahead, as part of a drastic plan to overhaul the company. A source tells the Wall Street Journal that the company will probably dispose of at least 10,000 jobs before it’s finished—which would amount to 3.5% of its work force. More»

Fed officials predict it will take about 5 years to return to normal

(NEWSER) - Unemployment will remain higher than normal for years to come, Fed officials predicted today. Even at the end of 2012, the rate is forecast to be between 6.8% and 7.5%—a decent turnaround from the current 10.2% but still about 2 points higher than the figure in healthy times. Even though the economy is technically in recovery, it will take "about five or six years" for the labor market to right itself, the officials said. More»