General Motors (GM) - Get Report said today that it would reduce the headcount at its international headquarters in Singapore in conjunction with a plan to minimize exposure in unprofitable markets, Reuters reports.
GM International, which oversees markets such as India, Southeast Asia, and South Korea, will cut its staff to about 50 employees from 180 by the end of the year.
Roughly 90 employees will leave the company by the end of June and 40 by the end of 2017.
Shares of GM were lower during the final hour of trading on Wednesday.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward