GM Eyes More Staff Cuts

Law360, New York (October 23, 2008, 12:00 AM EDT) -- Plagued throughout the year by rumors that it could be headed for bankruptcy, General Motors Corp. announced further steps Thursday to deal with its deep downturn in sales, including additional layoffs and a suspension of matching payments to employee 401(k) plans.

According to a letter sent to executives by GM Chief Executive Officer Rick Wagoner, reported by the Wall Street Journal, the company plans to reduce its salaried and contract workforce by even greater numbers than previously announced.

“We expect to initiate involuntary separations in some...
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