GE to cut 12,000 jobs as demand for fossil fuel power stations falls
GE to cut 12,000 jobs as demand for fossil fuel power stations falls
General Electric Co. announced today it’s cutting 12,000 jobs in its core power business worldwide, as demand for coal and other fossil fuels softens. It’s the latest move by new CEO John Flannery to cut costs and turn things around at the struggling conglomerate, whose stock plunged 44 percent this year. GE Power is the company’s largest division, by both revenue and employee headcount. Flannery says cutting nearly 1 in 5 of those workers globally will save the company a billion dollars next year.
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