11/22/05: The late Senator Everett Dirksen was reported to have said, “A billion here, a billion there, and soon it adds up to real money.” So when General Motors announced this week that it plans on cutting 30,000 jobs and closing or partially closing 12 plants across the country and Canada in order to save $7 billion by the end of 2006, eyebrows were raised. This amounts to 22% of its unionized employees and 7% of its total salaried workforce. While this is a necessary move in order to shore up GM’s precarious financial condition, it is also important to understand the impact this will have beyond its bottom line. Many of these jobs are no longer required and probably have been on the books too long. However, how will we create 30,000 new jobs to replace those that have been lost? Retail-based minimum-wage jobs are not the opportunities that mature workers need. So as we give thanks this week, it is a good time to think about those who are suddenly not so fortunate.
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CUSHMAN & WAKEFIELD (NEW YORK CITY) James DeLuca earns a berth as senior director after 20 years with the firm. His client roster includes 1177 Avenue of the Americas and Theatre Row Phase II Associates on the ownership side while tenant rep activities have included consulting and brokerage for firms like Alitalia Airlines and Eastman Kodak.
ARBOR COMMERCIAL MORTGAGE (UNIONDALE, NY) Ronald Arena moves to assistant vice president of secondary markets from asset management director. He joined the firm three years ago, rising through the ranks from operations director for the capital markets group and director of sales administration.
CUSHMAN & WAKEFIELD (CHICAGO) The firm expands its capital markets group by adding John Simon, Paul DeKruiff and Brian Pohl to its apartment brokerage services group in the Chicago office.
OPUS NORTH CORP. (ROSEMONT, IL) Greg Terwilliger is named real estate director for Chicagoland. He most recently was vice president for Paine/Wetzel-Oncor International. His new duties include sales and financing of industrial properties developed by Opus North.
PACIFIC SECURITY CAPITAL (PORTLAND, OR) The commercial real estate investment bank hires Corine Nussmeier as director of global retail services. She joins the bank from NAI Norris, Beggs and Simpson.
GVA WILLIAMS OF CONNECTICUT (STAMFORD, CT) Ted Grogan is named vice president for GVA Williams. His background includes stints with CB Richard Ellis Inc. in its Stamford office, D.H. White Commercial Real Estate Services and Prudential Commercial Real Estate.
CRESCENT REAL ESTATE EQUITIES (FORT WORTH) R. Todd Bicknell becomes vice president of structured finance. He will manage operations and financial aspects of Crescent’s mezzanine loan fund. He also will monitor asset performance and partnership agreement compliance plus work with the REIT’s joint venture partners.
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