10 High Quality Stocks to Buy According to Hedge Funds

7. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 81

On May 11, Bloomberg reported that General Motors Company (NYSE:GM) plans to cut hundreds of salaried employees from its information technology division as part of a broader effort to reduce costs and make room for workers with different technology skills.

The job cuts are expected to affect around 500 to 600 employees, according to people familiar with the matter. Management started informing affected workers on Monday morning, the sources said, while asking not to be identified because the matter is private. GM confirmed that some positions were being eliminated after responding to questions from Bloomberg News. In a statement, the company said the reductions are tied to an effort to reshape its IT department and better prepare the business for the future.

The cuts come at a time when the automaker is trying to improve profits despite weak US sales at the start of the year. Back in October, GM also reduced hundreds of salaried roles, along with thousands of factory workers, as the company struggled with investments in electric vehicles that did not perform as expected.

General Motors Company (NYSE:GM) designs, builds, and sells trucks, crossovers, cars, and automotive parts. The company also provides software-enabled services and subscription offerings around the world. Its business segments include GMNA, GMI, Cruise, and GM Financial.