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DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) will announce "important changes" to its operations in response to the "volatile global economic situation" when it reports third-quarter results on Friday, the automaker said in a note to staff on Wednesday.
The email did not specify what cost-cutting steps GM might be readying. A spokesman for GM confirmed the email was sent to staff.
Originally posted by MurderCityDevil
for some reason, im actually leaning towards an opptimistic change that is gonna happen with GM that is gonna give a little boost
General Motors Corp., hammered by the worst auto market in 25 years, needs U.S. aid because ``time is very short'' to stop its collapse, says Roger Altman, the former Treasury official advising GM in merger talks with Chrysler LLC.
General Motors Corp.'s financing unit posted a $2.52 billion net loss in third-quarter results released today, with red ink spread across GMAC Financial Services' housing and auto units.
GM will take a $1.2 billion hit because it owns 49 percent of GMAC. The finance unit is controlled by Cerberus Capital Management LP, which owns 51 percent, a stake GM sold in 2006 for $7.4 billion in a move to raise cash and improve GMAC's credit rating.