GE cuts 12K power jobs as demand, renewables, skew market - News Summed Up

GE cuts 12K power jobs as demand, renewables, skew market


The company said Thursday that the cuts to both office and production jobs, will help "right-size" GE Power in a traditional power markets that is being upended globally. The cuts, representing 18 percent of all jobs at GE Power, will take place largely outside of the U.S. GE plans to cut 1,400 of its 4,200 positions in Switzerland over the next two years. GE said that reducing the number of positions, along with actions previously taken this year, will help GE Power, based in Atlanta, trim costs by $1 billion in 2018. "This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services," Russell Stokes, CEO of GE Power, said in a prepared statement.


Source: ABC News December 07, 2017 12:13 UTC


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