Based GE Power to cut 12,000 jobs, but it's unclear

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Based GE Power to cut 12,000 jobs, but it's unclear

- dailygazette.com
08 Dec 2017
A few round numbers are being floated for the 12,000 jobs GE Power plans to eliminate: Reuters reported that 1,600 jobs will be cut in Germany, 1,400 in Switzerland and 1,100 in Britain. Bloomberg reported that GE Power is not making job cuts at this point in France because of an agreement General Electric made with the French government when it purchased the ...

General Electric to cut 12,000 jobs DW

08 Dec 2017
"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," said Russell Stokes, president and CEO of General Electric's power division, known as GE Power.
- dw.com

General Electric to cut 12,000 jobs in power business revamp, to save 1 bn

- business-standard.com
08 Dec 2017
Jeff Immelt to retire from GE, John Flannery appointed new CEO Here comes General Electric's turnaround plan. It better be good GE's new CEO vows sweeping change after report General Electric to cut 4,500 jobs in Europe: Source General Electric cuts quarterly dividend by 50% ahead of expected overhaul

General Electric to Cut 12,000 Jobs

08 Dec 2017
Competition from renewable energy is putting pressure on the traditional power business. GE said disruption in the industry has reduced the need for its products by 40%. Just last month, the German industrial conglomerate Siemens (SIEGY ) announced plans to cut 6,900 jobs , mostly in its power division.
- blackchristiannews.com

GE's Power Division to Eliminate 12,000 Jobs After Misjudging Demand

- wsj.com
08 Dec 2017
GE's Power unit has been a major source of pain for the struggling company as global demand has dropped in tandem with GE integrating its acquisition of Alstom SA's power business. The company has said it misjudged the market as volume dropped in traditional coal and gas-fired power, while renewable energy sources grew.

General Electric To Cut 12,000 Jobs In Bid To Stabilize Its Power Unit

08 Dec 2017
"This decision was painful but necessary for GE Power to respond to the disruption in the power market," explains Russell Stokes, GE Power division chief. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond."
- techtimes.com

GE to Cut 12,000 Jobs in Its Power Business

- bloomberg.com
08 Dec 2017
"This decision was painful but necessary for GE Power to respond to the disruption in the power market," division chief Russell Stokes said in the statement. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond."

GE power unit to lose 12,000 jobs

08 Dec 2017
The shifting dynamics are roiling the huge conglomerates that serve the industry. Siemens, GE's main rival, said last month that it was cutting 6,900 jobs worldwide in units focused on power-plant technology, generators and large electrical motors. In making the announcement, Siemens said that "the power generation industry is experiencing disruption of unprecedented scope ...
- arkansasonline.com

Soon, 24x7 electricity for all, distributors to be fined for power cut

- timesofindia.indiatimes.com
08 Dec 2017
"Our vision is that we want 24x7 power for all by March 2019. Now it will be a legal obligation. After March 2019, if there is any load shedding without any reason, there will be penalties except in case of technical issues or act of God," power minister R K Singh said on Thursday, after a conference of 'Ministers for Power and New & Renewable Energy of States & ...

GE's power division plans to cut about 12,000 jobs globally

08 Dec 2017
In a news release about the global job cuts, GE President and CEO 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."
- wspa.com

Struggling GE to cut 12,000 power jobs globally The Jakarta

- thejakartapost.com
08 Dec 2017
"GE's announcement that it wants to cut thousands of jobs in Europe serves no strategic purpose other than to maximize profits short-term for its shareholders," said Klaus Stein, director of IG Metall the metalworkers' union in Germany, where about 16 percent of GE's workforce will be eliminated.

GE plans to cut 12,000 jobs in power division

08 Dec 2017
"The announcement by GE that it wants to cut thousands of jobs across Europe is neither strategically nor economically justifiable, and serves only to maximize short-term profit for shareholders," said Klaus Stein, a union representative at GE's plant in Mannheim, Germany, according to Reuters.
- thehill.com

It's cutting 12,000 jobs

- money.cnn.com
08 Dec 2017
The company says the job cuts will mostly be outside the United States. The power division's headcount will be reduced about 18%. About 295,000 people worked for GE overall at the end of last year, but the company has cut jobs and costs throughout this year. It hopes to reduce costs by $1 billion next year.
#GePower      #GeneralElectric      #RussellStokes      #KlausStein     
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