GE to Cut 12,000 Jobs in Its Power Business
- Electricity division’s workforce will be trimmed by about 18%
- Gas-turbine maker hurt by slowdown as renewables gain ground
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General Electric Co. plans to cut 12,000 jobs in its power business as the company’s new leaders look to slash costs and stabilize the beleaguered manufacturer.
The reductions, accounting for about 18 percent of GE Power’s workforce, include both professional and production employees, the company said Thursday in a statement. The world’s largest maker of gas turbines said the unit needs to become leaner as customers turn away from fossil fuel-based energy sources.