(WHAS11) - 1,600 General Motors employees will lose their jobs this week as the troubled automaker tries to cut costs. It has to eliminate 47,000 jobs worldwide by the end of the year. The 1,600 jobs are salaried jobs.
G-M, which received more than $13-billion in government loans, faces a June 1st deadline to cut costs and get concessions in order to get more bailout money and stay in business.
Executives say bankruptcy is a possibility as well.
