GMAC cutting 930 jobs
GMAC LLC said yesterday it plans to cut about 930 jobs in its North American auto finance business, including 80 jobs in Canada, as it restructures in the wake of tightening credit markets and heavy losses last year.
GMAC Financial Services said it was cutting 5,000 jobs at its ResCap mortgage lending subsidiary, or 60 percent of the staff, and closing all 200 GMAC Mortgage retail offices.