GM Slashing 10,000 Jobs

The ailing U.S. automaker makes major cuts to meet the government's deadline.

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Embattled GM is taking an axe to its global payroll--cutting 10,000 salaried jobs worldwide, including 3,400 stateside, the company said this morning. Most of the job cuts will be done by May 1.

GM must present its plan for longterm viability to the government Feb 17, the AP reports. Starting in May, the automaker is also cutting 2009 pay for domestic executives by 10 percent and for other many salaried employees by 3 to 7 percent.

Late last year, the company said it might need to cut its U.S. workforce (salaried and hourly) by as much as 31,500 by 2012.

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