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


GE has previously said it would exit its lighting, transportation, industrial solutions and electrical grid businesses. It also plans to ditch its 62.5-percent stake in oilfield services company Baker Hughes (BHGE.N).

In Thursday’s layoffs, nearly a third of the company’s 4,500-strong Swiss workforce could be cut, while 16 percent of staff in Germany are also likely to be axed.

In Britain, around 1,100 position will be affected, the company said. Globally GE employed 295,000 people worldwide at the end of 2016, according to the company website.

Source: General Electric to cut 12,000 jobs in power business revamp

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