GM to slash 14,700 jobs

General Motors will cut its salaried workforce by 15 percent, slashing 14,700 jobs in North America, the company announced Monday.

The automaker may also shut down as many as five plants, including assembly plants in Detroit, Baltimore, and Canada. In an effort to focus on developing self-driving and electric vehicles, as well as fuel-efficient trucks and SUVs, the company will lay off 25 percent of its executives to “streamline decision making.”

GM has already offered buyouts to 18,000 white collar workers in recent months, with more coming as it cancels several models by 2019.

GM expects the move to save $6 billion.

President Trump, who campaigned on a promise to boost manufacturing employment, said his administration was exerting “a lot of pressure” on GM to bring the jobs back.

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