CBS 6 Albany posted this (we know this already):
Layoffs are coming to General Electric.
The company confirmed Friday afternoon they have to cut jobs to keep up with challenges in the industry.
We're told a "very small" percentage of jobs will be cut, but a spokeswoman didn't supply a specific number.
She said production and manufacturing jobs are not included in the cuts.
Source: http://cbs6albany.com/news/local/ge-planning-layoffs
Maybe it will be from the joint venture with Baker Hughes . Baker Hughes has way to many people , and at the current time are a loser company . The only thing holding their stock up is the JV.
GE will gut Baker Hughes.
Doing our part to contribute to Steve Bolze's and Jeff Immelt's bonuses.
I'm tired of hearing that we have to remain competitive" and "find synergies". Enough with the race to the bottom.
Just keep distracting the fresh college meat with the Edison cult of personality and culture committees. Use them up, lay them off, and then feed more in to the meat grinder. Keep bringing in the young ones and firing the mature ones to prevent any kind of organizational memory.
Looks like GE has a great strategy to keep the rich white guys in the green while the rest of us get pink slips.
Hope no more layoffs in engineering
I no longer work for GE. I left last year, but I still have some friends there. One of them is a engineering manager. He told me that the target is 20% reduction in one year, on white collar jobs, mainly engineers which are the costlier.
1200 jobs @ $300m cost-out. Only $700m to go this year and $1B next. Where does it all come from?
GE Power to cut 1200 jobs? What ..it can't be true
Another cut? The question is not if, but when and where. From CFO Jeff Bornstein:
"$25 billion of what we would describe as structural costs. Those are fixed costs that don't vary with volume or you wouldn't expect, which includes SG&A, it includes engineering, it includes R&D, it includes program, depreciation and amortization, etc. And this is the bucket of costs that we are really running after.
And we talked about that $1 billion over the next few years, we have building a funnel against that. At the point in December we said we had about $1.7 billion of ideas we were running against to deliver that $1 billion. We are increasing that funnel dramatically."
This was from March 8th Power & Renewable Investor Meeting, before Immelt and Trian's meeting. They came up with $1.7B worth of potential cut but only planned to do $1B. Then, it became $2B by Trian's pressure just last week.
The call said very clearly what they are targeting. Engineering and R&D are main target. Salaries are in this pot, too, both executives and other white collar jobs -- and guess who they are going to cut? 200 experienced and slightly better paid, compared to other GE engineers, engineers or 1 SVP?
They keep saying a small percentage, but not willing to tell the number. Why? It is not a small percentage at all.
Don't worry. According to every ge spokesperson in each announcement to the press, it is only a "very small percentage" and none of the jobs are production jobs!
What a slimy company. Why won't they be honest of the amount of lives impacted.
Yes OP, we have been paying attention too...
No details yet: http://www.wyff4.com/article/ge-announces-greenville-layoffs/9191140
Hold on..another cut? GE struggling.