A day after labor unions warned that General Electric was planning thousands of job cuts in its troubled power-generation unit, GE confirmed that it’s planning to cut 12,000 jobs globally in its power business as the company’s new leadership tries to revive the company’s moribund stock price.
The reductions would account for about 18% of GE Power’s workforce, will mostly affect professional and production workers outside the US. GE is also paring back capital expenditures and research-and-development spending as it grapples with a sharp downturn in gas- and coal-power markets. Continue reading “GE Slashes 12,000 Jobs In Troubled Global Power Business”