As one of the five remaining regional business centers, the Cranberry office of GMAC LLC will grow even as the company cuts about 930 jobs in its auto finance business in the wake of tightening credit markets and heavy losses last year.

GMAC spokeswoman Gina Proia in New York said the number of employees in the Cranberry office was expected to grow from about 76 to 260. GMAC Financial Services has about 1,800 employed throughout Pennsylvania.

The company is merging 20 U.S. and Canadian offices into five regional business centers in the Atlanta, Chicago, Dallas, Pittsburgh and Toronto areas. GMAC expects to save about $175 million per year, but the company expects to spend $65 million to $85 million in 2008 for employee severance and office-closing expenses.

The cuts will occur by the end of the year and represent about 15 percent of the work force in the auto loan business.

Last year GMAC lost $2.33 billion as the housing slump and disruptions in the credit and capital markets battered its home mortgage division.

"GMAC announced a restructuring of its North American auto finance business today as we work to streamline operations," said Ms. Proia.

"Although it is difficult to reduce staffing levels, we need to position GMAC with a more competitive cost structure and greater operational flexibility for future growth," President Bill Muir said.

Detroit-based GMAC is General Motors Corp.'s former finance arm. In 2006, GM sold 51 percent of the business to an investment group led by Cerberus Capital Management.

Lehman Brothers analyst Brian Johnson said in a note to investors that the job cuts probably were hastened by the pressures that GMAC faces in auto lending.