Daily Traders Edge

General Electric to cut 12,000 jobs in power division

December 07
15:31 2017

General Electric plans to cut 12,000 jobs in its power division as the industrial conglomerate’s new CEO institutes sweeping changes and the company grapples with a decline in business for coal and natural gas products.

The company will cut nearly one in five positions in its GE Power unit. It was not immediately clear where and when the reductions would occur, though the company said they would include “professional and production employees.”

The move comes as CEO John Flannery, who took over for Jeffrey Immelt in August, is aiming to make GE more efficient. He has already earned a reputation for taking a microscope to GE’s global business to identify opportunities for savings and changes.

GE said the cuts would contribute to its plans to slash $3.5 billion in “structural costs” in 2017 and 2018. That includes a $1 billion cost-cutting plan in 2018 by the GE Power division, which makes gas and steam turbines, electrical transmission products, nuclear plant infrastructure and other items.

Continue Reading at USA Today

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