GM Cuts May Be Too Late, Is Bankruptcy in the Cards?

Shares in General Motors have fallen more than 3% as analysts remain sceptical of a turnaround at the loss making car maker. Despite the firm axeing 30,000 manufacturing jobs and closing 12 plants in North America, many feel GM will struggle to avoid bankruptcy.

The job cuts at GM are expected to hit consumer confidence as people worry that secure jobs that offer good pension and healthcare benefits are becoming harder to find.

"Hope is diminished, the future is unclear and communities are less stable," said the United Auto Workers union. GM's cuts will hit communities across the US, not just in its home state of Michigan.

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