GE cost cutting targets were created before the stock market wiped out over $100 Billion in GE value. The $100 Billion market value loss, $6 Billion insurance surprise, $34 Billion underfunded pension, and the continued decline in the Gas Turbine Power Market will result in cost cutting targets to be increased. Also, GE's gas turbines continue to suffer major setbacks in the field. This will not help future sales or current cost challenges. The probability of GE filing bankruptcy is very high.
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GE Greenville is overflowing with fractionally productive salaried employees. Especially in engineering. They show up everyday after 8:00. Leave around 4:00. Play sports during lunch extending their lunch break significantly. They flap their jaws most of the day and sit in meetings trying to feel important. Many of the folks layed off worked circles around these fools. Layoffs were not performance based but should have been.
@1pgv if it depends on our numbers then it's guaranteed to happen.
GE only makes makes money with fake accounting. Ask the SEC. Keep guzzling the cool aid and you will be kept and promoted.
First, GE doesn't make money selling power turbines. It never has. That's not how the business works.
Second, I suspect by "planned" they are trying to figure out the mix. With all the salaried layoffs they've had this past year, I suspect they have gotten rid of all the fractionally productive, i.e. those who don't quite count as a man-year of productivity. Now it's time to shape the mix such that they generally have the right number of turbine, compressor, combustion, arrangement, etc. engineers going forward.
Salaried Layoffs in second quarter are only being “planned”. Depends on our numbers if it happens.
True, we haven't sold enough gas turbines to cover engineering and manufacturing salaried costs. Not even close to turning a profit.
Salaried Layoffs will happen if we do not start getting significant gas turbine orders. We simply can’t pay for overhead without the gas turbine sales. Folks, it does not look good!!!!!!!!
Fake news (the salaried layoff part)!
I know right ..many other companies are doing great , hiring giving raises , buying back stock. But ole GE is stuck paying Jeff $200 million MORE for his retirement package. Go figure! Makes you wonder how this company still exists.
The United States economy is doing well. Companies are expanding and hiring while GE is shrinking and firing.
Let's make America great once again.