GM to Move Treasury Office to Detroit

General Motors Co. plans to move its treasury office to its Detroit headquarters from New York City in mid-2014.

For decades, the New York treasury office was the incubator for future CEOs, who began their careers far from the factory floor. That tradition ended only when GM emerged from bankruptcy in mid-2009 and began to seek outside talent for senior jobs.

About 70 treasury employees will relocate to Detroit, and 150 people mainly GM Asset Management unit staff will remain in New York at new quarters in midtown Manhattan.

CFO Dan Ammann says the new arrangement will integrate the finance staff into GM's core operations, mirroring the approach of many Fortune 50 companies.

Treasury James Devlin is already based in Detroit and travels frequently to the New York office. The treasury unit also has offices in Sao Paulo, Shanghai and Russelsheim, Germany.