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General Electric to cut 12,000 jobs in power business revamp

Reuters  |  ZURICH 

By John RevillZURICH (Reuters) - General Electric Co is axing 12,000 jobs at its global power business, the struggling industrial conglomerate's latest effort to shrink itself into a more focused company.The U.S. company launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue."Traditional power markets including gas and coal have softened," GE said. Rumors of sweeping job cuts were confirmed by labour union sources on Wednesday, with staff in Switzerland and Germany among those badly hit. "This decision was painful but ...

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First Published: Thu, December 07 2017. 19:15 IST