General Motors will cut upto 21,000 jobs and kill the Pontiac brand by the end of 2010. This step is a part of GM’s restructing plan.
Fritz Henderson, GM president and CEO said, "Our responsibility is clear - to secure GM's future - and we intend to succeed. At the same time, we also understand the impact these actions will have on our employees, dealers, unions, suppliers, shareholders, bondholders, and communities, and we will do whatever we can to mitigate the effects on the extended GM team.
GM which is currently funded by the Obama government is trying to restructure itself by the 1st of June.
