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GE announces it is cutting 12,000 jobs

GE announces it is cutting 12,000 jobs
[Photo: courtesy of GE]

The cuts will affect jobs at GE Power, the company’s power business, reports CNBC. The amount equates to roughly 18% of GE’s workforce. GE says the cuts will mostly affect employees outside of the United States. Announcing the cuts in a press release, GE president and CEO of GE Power Russell Stokes said, “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. We expect market challenges to continue, but this plan will position us for 2019 and beyond.”MG