NEW YORK (Reuters) - GE's new CEO preparing for aggressive job cuts.
“The cutting is going to start and it’s going to be aggressive,” said the source, who had direct knowledge of the discussions. It was not known how many jobs would be eliminated.
This has been made public. You decide if you want to wait for the hammer to fall.
Guys - this an old thread, look at the date associated with the original message (1 year ago)
What a shame a beautiful prosperous American company in shambles. Management ego, deceitfulness, fraudulent bookkeeping, over leveraging, bad acquisitions, bad loans (GE Capital), open end insurance mostly under the "Crooked Jack's'' tenure only to be continued by handpicked Jeff Imelt. Now, who pays for the ongoing CEO, managers risk and errors over the course of 36 years? THE WORKERS. Is it fair? HELL NO!
The biggest CROOK in modern industrial times Jack Welch was on the cover of Bloomberg as "CEO of the Century". Only to be found out as the "Book Cooker of the Century." He should be sharing a cell with Bernie Madoff.
@6Ewnc - The OP is not a liar and did not edit to mislead.
He/she posted this ONE YEAR ago, when Flannery was new to the CEO role!
The op is a liar who edited the article to get a reaction.
"NEW YORK (Reuters) - General Electric Co is making plans to significantly reduce corporate staff in an effort to cut spending and boost profits under its new chief executive, and the company already has halted hiring in certain technology positions, a person familiar with the situation told Reuters.
New Chief Executive Officer John Flannery has told senior-level executives to prepare for cuts at headquarters and other areas of the company that do not produce revenue or profit."
Don't trust this forum folks!
Can’t blame Larry he came into this mess. They need to evaluate the SEB level if you think about it those are the ones that let all this drag on and get to this point. Not all SEBs are responsible it’s only a few. Accountability has to start at the top. GE will pull it together and it will be the people at SPB on down that get it done. Lots of good loyal people at GE and they own 80% of the stock. Many of these bad decisions came at the upper levels Larry will drive change! Buckle in and focus on your job.
At least other companies are hiring. See if you can take your frustrations to a competitor and avenge your displacement by helping them take market share from GE.
It is getting ugly at GE. Got my notice at HQ in Boston. Lots of cuts and very uncaring toward people with long service. Get subsidies form Boston, then lay people off and put them on unemployment! Massachusetts got burned by GE!!! Doubt they will build the new building, ever! No people to put in it!
Job market is good now. Might not be as active around the holidays. If you are at risk but anticipate a pay-out: stay. If you worry more about income security around the holidays and first of the year: get out into the market. Before the Immelt's retirement was announced I worked on plans to eliminate 25% of SPB+ out of my business unit-- getting the older ranks with higher pay to move out and make way for lower ranks to advance their careers. EB+ and officer levels have exploded over past few years, and there's only so many ways they can make new jobs for what is essential SPB level work. GE also has to rationalize product lines and factory count - they have too big a footprint and some low performing product lines that need to be eliminated. Put on top of that GE has abysmal cash performance and bloated headquarters - there are changes that need to be made to make the company stronger. No one should feel safe. I was honored to work at GE, but I chose to leave when an opportunity came 2 months ago, and I have been much happier and feel more secure. Everyone's situation is different, but with a good job market and the skills you have acquired at GE, the world is yours.
Same here - took the buyout and moved on.
This once great company lost its soul long time ago.
Now, it's a prolonged agony and I'd encourage each of you to look into options.
I do understand that each of us has a different setup and each case is different, it's never easy.
Whatever you decide, GE or not, I wish you all the best and make sure you take care of yourself first.
God bless!
It'll be those house cleaning, where the house will be gone but the rats will stay...
I also thank God I took another job and got out of GE. I do not miss GE Hell at all, and never will.
Thank God I took the buyout and found another job. I certainly would have been a target if I stayed. Good luck to the current GE folks who may be affected by this aggressive house cleaning.