GE to cut 12,000 jobs as demand for fossil fuel power stations falls

Aaron Schrank Dec 7, 2017
Share Now on:
HTML EMBED:
COPY

GE to cut 12,000 jobs as demand for fossil fuel power stations falls

Aaron Schrank Dec 7, 2017
Share Now on:
HTML EMBED:
COPY

General Electric Co. announced today it’s cutting 12,000 jobs in its core power business worldwide, as demand for coal and other fossil fuels softens. It’s the latest move by new CEO John Flannery to cut costs and turn things around at the struggling conglomerate, whose stock plunged 44 percent this year. GE Power is the company’s largest division, by both revenue and employee headcount. Flannery says cutting nearly 1 in 5 of those workers globally will save the company a billion dollars next year. 

Click the audio player above to hear the full story. 

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.