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#Gmac finance professional
We value the talent that our diverse associates bring to the organization, where they can thrive in an atmosphere where creativity, collaboration and integrity take center stage.Īs a global organization, we represent a broad background of cultures and most importantly, opportunities for growth and professional and personal development. We also represent the graduate management education (GME) as the voice of the industry, a convener and an advocate of the benefits of GME.Īnd that’s also how we see the world for our associates-matching the right talent to the right job can open the door to a world of professional opportunities. We work around the world to help graduate schools and candidates connect with, discover and evaluate each other. Some information in this report is from The Associated Press wire service.At the Graduate Management Admission Council (GMAC), our purpose is to ensure that talent never goes undiscovered. tech firm SSA Global Technologies, and cable operator Galaxy Cable. The company's holdings include a 49 percent stake in Japanese bank Aozora, U.S. What Is Cerberus Capital Management? According to Hoover's, Cerberus Capital Management's investment strategy is to keep companies from flaming out, often by injecting capital into retail ventures. GMAC also owns, an online mortgage lender. Its subsidiaries include GMAC Insurance and GMAC Mortgage. General Motors Acceptance Corp., a GM subsidiary, offers financing to auto dealers and their customers. What Is GMAC? According to Hoover's, GMAC is a massive global finance company with assets of nearly $300 billion and operations in about 700 offices in 41 countries. Putting GMAC in a better financial position might help buoy GM. GM retains a 49 percent stake in GMAC and thus shares in the future profits of the company. There is some hope that decoupling the profitable unit from its ailing parent will allow the rating agencies to recognize the viability of GMAC and raise its ratings fairly quickly. When Moody's and S&P downgraded the auto giant to below investment-grade status last year, the company's cost of borrowing money from the public markets went up tremendously. Getting union workers out of the GM JOBS bank (where they receive wages even when they're not working), closing old plants, and slashing the ranks of management are all part of the plan.Īnother challenge facing GM's financing unit: a junk credit rating. GM needs a way to quickly jettison the 15 percent of its operating capacity that sits idle at any time. The world's largest automaker lost $10.6 billion thanks to a manufacturing operation faced with high costs bloated by generous health-care and pension benefits - and much of that money was paid out to retirees who no longer work for the company. The automaker announced generous (up to $145,000) buyout packages last week for its union workers and workers at former parts unit Delphi. Quite simply, GM desperately needs the cash to fund worker buyouts (called "general corporate purposes" in the literature being circulated this morning). The deal is estimated to close at the end of the year.
10 year contracts guaranteeing GMAC will provide auto financing for GM dealers and customers.$10 billion in cash on closing (at the end of this year) and an additional $4 billion in cash over three years."These bold initiatives are designed to immediately improve our competitiveness and position GM for long-term success and today's transition is a further step in that direction." "We've made some big moves, such as the health care agreement with the United Auto Workers union the manufacturing capacity plan changes to our salaried health care and pension plans an accelerated attrition plan for hourly employees and a complete overhaul of our marketing strategy," said GM CEO Rick Wagoner in a prepared statement. The deal was widely anticipated and was a key component of funding the aggressive restructuring plans developed by GM management. Ap— - General Motors has announced a $14 billion deal to sell a majority of its profitable GMAC finance unit to an investor group led by Cerberus Capital Management.
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