UPDATE 1-GMAC to cut 930 auto finance jobs, close offices

Newswire

(Adds background, detail, byline) By Kevin Krolicki DETROIT, Feb 20 (Reuters) - Finance company GMAC on Wednesday said it would restructure its auto finance unit by eliminating about 930 jobs and closing smaller offices in the face of tighter credit markets and slumping new car sales. The job cuts represent about 15 percent of the 6,275 employees in GMAC's auto finance business. GMAC said the layoffs and office closures would take effect this year and prompt a charge of between $65 ...

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