GMAC to cut about 930 jobs in auto finance business
GMAC LLC said Wednesday it plans to cut about 930 jobs in its auto finance business as it restructures to cut expenses 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.