GM is planning to cut 28 percent of 38,000 U.S. white collar employees. That's 10,640 people if you didn't want to do the math. These are non-union employees, some were offered buyout packages earlier this month. According to GM these are "targeted reductions" and not layoffs. Expect more "reductions" as the company evaluates what departments need cuts.

Note to our readers: In the next days/weeks/months there will be many stories about GM's future and the impact on the auto industry. We don't have any bias towards GM. We will cover any company that has similar troubles. Hopefully, we'll get to talk about turnaround soon enough.

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