Is it possible that GE's U.S. locations are spared for once? From what I'm seeing, this is all referring to European locations... Or am I missing something?
Not trying to minimize the situations, I know this is awful whichever way you look at it. But U.S. has taken so many hits recently that it seems too good to be true to see us missed by this.
The $2 Billion in cost cuts that was two weeks ago has just grown to $3.5 Billion and 12,000 workers based on the new cash flow shortages and projected income shortfalls. This is because of bad management and bloated costs especially from all the non productive Astom duplication now in the GE Power system. Instead of having just two basic plants Greenville and Schenectady with service locations near customers they have Atlanta huge buracracy and many duplicate Alstom facilities.
While Alston non France will get wasted in England, Germany, and Switzerland to get the huge figure of $3.5 Billion will involve huge US cuts as well. It takes a lot f $300 million cost cuts to get to $3.5 Billion especially since many fall short of actual money saved and cash flow and income is still dropping.
We lost over 140 in the Detroit hub. Bloody Thursday.
The 12,000 (per another thread) states the 12,000 count includes reductions beginning June 2017.
The plan has always hit the U.S. first, 2017 and EMEA second in 2018, that was before the based had realised the gap in the finances. Expect moire in 2019/20.
We can count on 800 million dollars worth of cost cuts in US for 2018. Not sure how many employees that equates to. Also Flannerty has indicated that cuts will be pushed to basically be complete by end of 1st quarter. Good luck everyone.
GE are probably waiting for the right moment to break the news to Trump.
If you add up all the announced Europe cuts, the total still comes to less than half of the 12,000. I expect the US operations will get a large chunk of that balance, they just haven't announced where and how many yet. Expect Greenville, Schenectady, and Atlanta to get hit yet again.
While I can understand your reasons for being optimistic at the end of the day the US will be hit as well. But you are correct alot of the European markets will be hit in large numbers. My manager told us there is no way to avoid further US layoffs but the overseas will help reduce the bite. Do yourself a favor and find something else. Thats definetely my plan. They're saying 12,000 now, then next year when the market continues to decline it will be more. I refuse to stand around a "hope" I dont lose my job.