Thread regarding General Electric Co. layoffs

Ha ha !!!!

It's not even June yet, buddy.

I guess this was fake news then....

Does a bear $h17 in the woods?

Has anybody heard anything about the layoffs in Greenville, SC?

The media has clearly stated that GE's senior executive bonuses are directly linked to cost cutting execution in 2017. Don't expect rational decisions about who is cut. Performance doesn't matter. The only thing that matters is eliminating your salary so more money can be transfered to the senior executives in the form of a huge bonus or golden parachute exit package.

You bet your behind it's real. Looks to be as many as or more than the last round for those of us engineers in Greenville. Some are saying September, but I've heard June or July. Get those resumes out there!

The original deal protected Alstom people in France only, employees in other European countries are not protected

A terminal virus indeed, it was easy to predict how things will play out - it's time to pay the piper

They had layoffs today in Baden, so this is not true, Alstom outside France is on the chopping block.

There are far better products than Predix available for significantly less money. Investors are starting to see through the smoke and mirrors. GE used to be known for quality products but that reputation is fading rapidly. The employees will pay the price for bad decisions made by leadership.

Round 2 layoffs anticipated at Global Research in Niskayuna as well. Consistent rumors of layoffs coming by end of 2Q.

GE corporate building 5 offices in Schenectady were offered voluntary leave packages last week

Yes, this week GE Power will be included in the voluntary layoff program

GE spent Billions of dollars on digital. For the additive manufacturing, it is likely a good investment. For Predix and its corresponding products, it is hard to draw a clear conclusion now. It is either a big drag or a big boost.

GE digital, big lay-off, does it mean it is a sign of big drag now?

Will GE Power be in the layoff at the end of June too?

GE Digital is asking a preselected group of people to volunteer for a massive layoff on 6/28.

They are offering a cash incentive in addition to regular layoff benefits.

They are dropping in the stock market everyday, only matter of time. Could be this week, or a couple of months. Alstom deal was a shot to the foot.

Is it real? Dude, you are making people in a panic mode.

It's happening this week.

If that is indeed the case, It HAS been a month since the Power layoffs were announced in March.

there is no way they would do another round this week in the same spots because then they would have to do the WARN notification. The rounds have to be at least a month a part in NY if they will be more than a total of 250 people. Wouldn't they wait for people to calm down? Usually its a few months between rounds

Is this real?

Word on the street is that the next round of layoffs are happening THIS week. Good luck to you all. Update CV now and get crackin' on the job hunt. Don't wait.

From Q&A:

"So what we're talking about is structural cost or base cost, so fixed cost, it excludes variable cost. We talked about $2 billion of cost out, $1billion each in '17 and '18. So the goal this year is to take $1 billion of that base cost out. If you go to the supplement, we do a walk for you in the first quarter. So in the first quarter, those costs year-over-year were down about $75 million.

Now beneath that, we took out over $375 million of those costs. And that was partly offset by a couple hundred million more as we expected a higher Digital spend year-over-year and just wage

inflation of about $80 million. So good underlying performance there. It's going to accelerate over the year because we've taken an enormous number of actions here in the first quarter across all of the businesses and Corporate. We talked about the effort around horizontal IT, which, we think, is worth $250 million in the year, what we just announced around the tax -- corporate tax team and that transition to PWC. We've kind of taken a number of headcount actions, both at corporate and across the businesses here in the first quarter. So we expect that to grow over the course of the year. The other reference points I'd give you is when we talk at the outlook meeting, we talked about 500 -- a goal of $500 million with which we had $1.7 billion kind of pipelined against.

Against that original plan, the first quarter we were $200 million better than that original plan, so that gives us confidence that we're on track for the higher plan of $1 billion for the year. So I think you'll continue to see a better performance here in the second quarter. And then I think you'll see a real acceleration in the second half of the year.

To answer your question on restructuring from prior year, so within this bucket of cost, I said we took out $375 million before digital and the effect of EOP -- effect on wages. About $174 million of that $375 million was from prior-year restructuring actions."

TLDR:

175M cost-reduction from last year (Q4?) layoff, 200M from Q1 action that can be booked against Q1 (the March layoff in Power should not show up in Q1), then JRI spent 220M to buy Digital companies or what not and 80M on EOP, only 75M cost-out actually achieved in Q1 against the goal of 1B.

Only 925M cost-out to go for the next 3 quarter -- fortunately 250M of that is going to come from IT. They are helpless anyway so 250M less can't make it worse.

Q1 presentation listed "restructure cost" impact on EPS for Q1, Q2, & 2nd half. More layoff will come, just when for which business and/or region. No one is safe when JRI is not.

did anybody read the GE Q1 2017 earnings report? Looks like the revenue is ok, but it is short of cashflow and the stock price is dropped by 1%. It mentioned the continuous structural cost out, but I don't quite get if the April layoff will make up the planned 1B fixed cost out. If it is not, more layoff will come.

These Round 2 layoffs- have you heard a timeframe? What we are hearing as rumors in Greenville SC is a date sometime in September 2017 - does that match your info or will it take place sooner? The Greenville employees that were impacted on the 1st round were notified on March 23rd and April 21st was their last working day.

1ygy, there's plenty of early warning signs already, take time to read through this board and Q1 financials report. What happened to the pps on Friday 4/21/17?

Don't let the "confidential" meeting invite from HR be the final proof, get your CV updated immediately and reach out to your network to get prepared for what is ahead. Confirmed Round #2 is coming

How firm is this? USA GE Power? If there are execs that can give some advanced warning, it would help the rest of us go ahead and get out of this place. I guess the fact that it even is being talked about should be reason enough.

So you may have been wondering why Trump doesn't intercede on our behalf... Please read on (Somebody has been busy buttering him up):

“Jeff actually watched me make a hole-in-one,” Trump said. “Should you tell that story?”

Immelt dutifully responded.

“We were trying to talk President Trump into doing ‘The Apprentice.’ That was my assignment when we owned NBC,” Immelt said, recalling a time when he golfed with Trump. “He looks at the three of us and says, ‘You realize, of course, I’m the richest golfer in the world’ ... then gets a hole in one. I have to say, you know, I’ve seen the magic before.”

Trump seemed to enjoy the retelling but offered up a short clarification: “I actually said, ‘I was the best golfer of all the rich people,’ to be exact.”

https://www.bostonglobe.com/business/2017/02/23/seen-magic-before-ceo-immelt-recalls-trump-getting-hole-one/lVPoMSuxbPtP0U69Rwb13N/story.html

Unfortunately not a Rumor. GE met 1Q financials estimates based on layoffs (however stock price dropped). 2Q already underway so additional layoffs seems to be the only way to support the Alstom drag on financials.

Rumors???

Wow.. did not know about this