GM considers job and brand cuts

Top U.S. automaker may take drastic measures at August board meeting, according to Wall Street Journal.

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NEW YORK ( -- General Motors (GM, Fortune 500) is preparing to cut thousands of jobs and possibly unload one or more of its marquee brands in its plan to return to profitability by 2010, according to a report Monday.

The top American automaker is expected to approve the white-collar job cuts when the company's board meets in August, according to sources in a Wall Street Journal report.

All the company's brands, with the exception of Chevrolet and Cadillac, are potential candidates for elimination said the report. Among the most likely candidates for elimination are Saturn and Saab.

GM auto sales plunged in June as high gas prices drove American consumers away from inefficient sport utility vehicles and pickup trucks. GM sales fell 18% for the month, just barely maintaining its position as the top automaker in the U.S. by sales against Japanese automaker Toyota Motor Co (TM).

Rival Ford Motor Co. (F, Fortune 500) has taken similar cost-cutting measures, cutting 2,000 salaried jobs and selling off Land Rover, Jaguar and Aston Martin. To top of page

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