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General Electric to Cut 12,000 Jobs in Power Business Revamp

Posted on Thursday, 7th December 2017 @ 09:03 PM by Text Size A | A | A

Source: Reuters

General Electric Co (GE.N) 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.

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