Word: gm
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...immune from job losses due to this contracting economy. Tech companies such as Microsoft (MSFT) fired people. So did many retail operations including Macy's (M).Consolidation efforts led by Pfizer's (PFE) marriage to Wyeth (WYE) have begun to put tens of thousands of people out of work. GM (GM) is signaling that it may have to take another 15,000 or 20,000 jobs off its payroll in the next month to convince the federal government that it can become economically viable in a market in which car sales are still falling...
...immune from job losses due to this contracting economy. Tech companies such as Microsoft (MSFT) fired people. So did many retail operations including Macy's (M). Consolidation efforts led by Pfizer's (PFE) marriage to Wyeth (WYE) have begun to put tens of thousands of people out of work. GM (GM) is signaling that it may have to take another 15,000 or 20,000 jobs off its payroll in the next month to convince the federal government that it can become economically viable in a market in which car sales are still falling. (See pictures of TIME's Wall...
...next big wave of layoffs will begin in the retail industry where there is still too much store capacity to be supported by a moribund consumer. GM has already signaled its intention to cut additional employees and, based on the rate of the drop in its sales, Chrysler will be forced to eviscerate its employment base further...
...this point, none of the large global car companies have been able to avoid red ink. While the numbers may be worse as GM, Ford, and Chrysler. the viability of more stable firms with better balance sheets could be threatened if the depression in car sales stretches to the end of this year...
...some of its weaker auto companies and the US only gives The Big Three modest financing, Japanese car firms may actually be in a position to gain market share in America by being able to financially ?outlast? the domestic car companies. Any funds the Congress agrees to provide to GM and Chrysler need to take that into account...