GM Hacks 14% of Salaried Jobs

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 General Motors stories.)