GM to Axe Hundreds of Jobs. But It’s Not About Cutting Costs.

General Motors


is cutting salaried and executive staff positions, after saying earlier this year that it didn’t plan layoffs.

GM (ticker: GM) representatives on Tuesday said the cuts affected a small number of employees and an internal memo said the reductions were related to performance, according to a MarketWatch report. The Detroit News reported that 500 employees would lose their jobs.