GM announced its plans to move 70 finance jobs from New York to Detroit by mid-2014.
For decades GM’s treasury office has been in New York, in the automaker’s Building at Fifth Avenue and 59th Street, but last year the company announced its plans to move the office to the Alliance Capital Building, at 1345 Sixth Ave., between 54th and 55th streets, a less expensive site.
“GM Treasury plays a critical role in the success of our company, and locating the team in Detroit will fully integrate them into our core business operations,” GM Chief Financial Officer Dan Ammann said in a statement.
All 70 finance employees, who manage the automaker’s cash and analyze financial data, have been informed about the transfer. The office is to be moved in Manhattan in June. GM also has treasury analysts in Germany, China, Shanghai and Detroit.
“Getting them integrated into our core business — that’s just going to make for a more effective team, being here and having more face-to-face interaction,” said GM spokesman Dave Roman.
Last week GM’s shares surpassed the offering price from the 2010 IPO, which means that the US Treasury will be able to pare its losses. This year so far GM’s stock has increased 14.5%.
Source: Detroit Free Press