In an announcement made by General Electric Company on early Thursday, December 7, 2017, they will be cutting around twelve thousand jobs in their global power business. The reason for the job cuts are due to General Electric Company wanting to shrink the market. They want a more focused based dealing. It was its last industrial conglomerate’s efforts.
The United States-based company of General Electric has to cut the twelve thousand jobs to save one billion dollars in the up in the coming year of 2018 at its Power Business Dealings.
The Electric business expects dwindling demands for the power plants that deal with the fossil fuel to continue. Plenty of people are in shock over the loss of jobs.
The job losses will happen after another significant decision by the AG Rivals of Siemens. They had to cut almost seven thousand jobs. Siemens AG job cuts shifted the companies of the world by the electric utilities away from the renewable fossil fuel energy sources. They did so by energy such as solar and wind energy. General Electric business reports that their twelve thousand slashes of jobs would only affect four percent of its workforce.
General Electric Company overall workforce is estimated to be almost three hundred thousand employees.
The majority of employees that will see the cuts will be outside of the U.S. workforce. Employees who work for General Electric Company business will see most of the the job cuts. Around eighteen percent of those jobs will be no longer be in nee.
The statement made by the spokespersons for the company says the decision took place because they were spending almost ten billion Euros in 2016. Also, nearly eleven billion when their deal closed in late 2015. The billions of dollars spent were mostly from the energy business areas of General Electric Company.