You are here
Business 

General Electric to shed 12,000 jobs

General Electric to shed 12,000 jobs

General Electric has said it will cut 12,000 jobs in its power business, 18% of the division’s global workforce.

The US industrial group expects the “painful but necessary” job losses to help save $1bn next year as demand for fossil fuel power plants wanes.

GE intends to cut 1,100 jobs from its UK power business, mainly in Stafford and Rugby.

Elsewhere, one-third of the firm’s Swiss workforce and one-sixth of German workers are likely to be hit.

“Traditional power markets including gas and coal have softened,” the company said.

In October, GE slashed its profits guidance after posting a 5% fall in third-quarter earnings to $1.8bn, due to weak trading in its power and oil and gas businesses.

Let’s block ads! (Why?)

Source: BBC Business

Related posts

Leave a Comment