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

Nearly a third of Swiss workforce and 16% of German staff likely to be axed

John Revill | Reuters  |  Zurich 

General Electric (GE) said on Thursday it 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 US company, whose stock has plunged 44 per cent this year, launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue. GE did not give a detailed breakdown of the job cuts, which represent about 4 per cent of its overall workforce, saying only that they would be primarily outside the US. The announcement cast a shadow ...

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First Published: Fri, December 08 2017. 01:10 IST