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Photo by Bill Pugliano/Getty Images

General Motors said Monday that it will cut 15% of its salaried workforce, estimated to be around 14,700 people in North America, and that it will idle factories in Michigan, Ohio, Maryland and Canada.

The bottom line: GM said when it emerged from bankruptcy that it must be profitable in both good times and bad, and today's moves suggest that it is preparing for an economic downturn.

GM says it will "unallocate" multiple North American plants in 2019, which basically means those facilities will not be asked to make product. It's the first procedural step toward outright closure, which cannot happen before a negotiated labor union agreement. The affected plants are:

  • Oshawa Assembly in Oshawa, Ontario, Canada
  • Detroit-Hamtramck Assembly in Detroit
  • Lordstown Assembly in Warren, Ohio
  • Baltimore Operations in White Marsh, Maryland
  • Warren Transmission Operations in Warren, Michigan

The automaker also said it will close two other manufacturing facilities outside North America, in addition to a previously announced shuttering of an assembly plant in Gunsan, South Korea.

It anticipates the restructuring will cost between $3 billion and $3.8 billion, with the layoffs including 25% of GM's executive staff.

  • Future development will focus on electric-powered crossovers, trucks and SUVs, with sedans and gas-powered cars being de-emphasized.
  • GM stock was halted on the announcement, but then rose over 5% once trading resumed.

Go deeper:

Go deeper

Updated 28 mins ago - World

In photos: Pope Francis spreads message of peace on first trip to Iraq

Iraqis dressed in traditional outfits greet Pope Francis upon his arrival at Erbil airport, the capital of the northern Iraqi Kurdish autonomous region, on March 7. Photo: Safin Hamed/AFP via Getty Images

Pope Francis was on Sunday visiting northern areas of Iraq once held by Islamic State militants.

Why it matters: This is the first-ever papal trip to Iraq. The purpose of Francis' four-day visit is largely intended to reassure the country's Christian minority, who were violently persecuted by ISIS, which controlled the region from 2014-2017.

Cuomo faces fresh misconduct allegations from former aides

New York Gov. Andrew Cuomo during a February press conference in New York City. Photo: Seth Wenig/Pool/AFP via Getty Images

The office of New York Gov. Andrew Cuomo (D) was on Saturday facing fresh accusations of misconduct against his staff, including further allegations of inappropriate behavior against two more women. His office denies the claims.

Driving the news: The Washington Post reported Cuomo allegedly embraced an aide when he led the U.S. Department of Housing and Urban Development and that two male staffers who worked for him in the governor's office accused him of routinely berating them "with explicit language."

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Chaz Neal, a Redwing community activist, outside the Minnesota Governor's residence during a protest in support of George Floyd in St.Paul, Minnesota, on March 6. Photo: Kerem Yucel/AFP via Getty Images

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.