GM will cut 1600 jobs. So far, it's white-collar management jobs. At this point the big costs still reside with the current assembly workers and, more importantly, with the retirees who are living large for the moment.
The party is almost over, though. GM will not survive unless a lot of people take a lot of concessions. It's going to get a lot uglier in the coming months.
So what happens in the end? I suspect that Buick and Pontiac will disappear, Saturn and Saab will be spun off and you'll have a company that makes Chevrolets, Cadillacs and GMC trucks. And if it gets worse, look for the GMC marque to disappear, too.
The UAW will be very angry about all this, but it's been inevitable for a long time now.