General Electric to cut 12,000 jobs

 General Electric to cut 12,000 jobs
Mubasher: General Electric plans to shed off 12,000 jobs or 18% of the division's global workforce, as a financial cut.
According to its statement, the US industrial corporate expects "painful but necessary" job losses in order to save $1 billion in 2018 as demand for fossil fuel power plants wanes.
General Electric expects to cut 1,100 jobs from its UK business, mainly in Stafford and Rugby.
Elsewhere, one-third of the General Electric’s Swiss workforce and one-sixth of German workers are likely to be shed off.
"Traditional power markets including gas and coal have softened," as reported by General Electric. 
In October, the US group registered a 5% decline in profits to $1.8 billion during the third quarter of 2017, attributed to weak trading in the firm’s power and oil and gas businesses.


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Source: Mubasher