General Motors and Chrysler to cut 50,000 jobs

Wednesday, February 18, 2009

Posted by Snehsan

Washington DC (24/7 News Network) : Two major auto companies of US, General Motors and Chrysler have announced to cut 50,000 jobs on Tuesday. The auto companies have been worse hit due to the global turmoil.
The two companies approached the US government for USD 21.6 billion bailout package. While treasury loans of USD 17.4 billion have been already given to these companies. According to US media reports, the General Motors and Chrysler would cut jobs 47,000 and 3,000 respectively.
The companies General Motors and Chrysler need another USD 16.6 billion and USD 5 billion federal loan. They have submitted their plan seeking the bail out to the US administration. The sales were worse hit due the global financial crisis.