GMAC to trim loan operations
From Times Staff and Wire Reports
GMAC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to trim expenses amid tightening credit markets and heavy losses last year.
The job cuts will occur by the end of the year and represent about 15% of the workforce in the auto loan unit. The company was once the finance arm of General Motors Corp.
