Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices

Detroit’s rebirth offers lessons for beleaguered Wall Street Add to ...

Subscribers Only

Wall Street could learn a thing or two from Detroit about getting the business back on the road. Both needed government aid in 2008. But it is the automakers that have restructured and become decently profitable in straitened times. Motown’s chiefs can more easily justify big paydays, too.

Uncle Sam attached more strings to bailing out General Motors and Chrysler than it did to the likes of Bank of America and Citigroup. The two Motown manufacturers had to slash dealerships and brands and cut factory worker pay to the same levels as foreign rivals. Ford took similar measures, too.

Report Typo/Error

Next story

loading

Trending

loading

Most popular videos »

More from The Globe and Mail

Most popular