It’s Not All Bad: GMAC Reportedly Hiring
Despite despondent car sales, GMAC is reportedly hiring. See this item from TheDeal.com:
Detroit-based GMAC Financial Services LLC is on a hiring spree. The company announced it would add 200 employees as it converts to a bank holding company, and now may hire 1,000 people in its mortgage unit, Residential Capital LLC.
GMAC will likely grab employees from Bank of America Corp., Wells Fargo & Co. and other firms that are downsizing.
While BofA is laying off 42,500 employees as part of its integration of Merrill Lynch & Co., GMAC is expanding its Charlotte, N.C., presence and will take space in a new uptown office building this year. Merrill deal aside, the poaching from BofA isn’t new for GMAC as former BofA CFO Al de Molina moved over to GMAC in March of 2008, and up to 50 other BofA employees have been lured away, according to Trading Markets.
I’ll take any good news for the sector at this point.
