Thread regarding GE Oil & Gas layoffs

Found this on Baker Hughes page, thought I'd bring it here


GE oil and gas overpaid for all their equipment, turbo machinery, pump jacks, etc which was a financial boat anchor to GE so they bought BHI and threw the boat anchor at them.

Then they stole the 3 billion cash BHI had and now the boat anchor companies are causing bhge to lose money when slb and hal are making money. While we are losing money, Lorenzo invites 1200 clients to come eat pasta with momma in Florence Italy at the annual meeting.

The boat anchor companies revenue are down 75% with huge losses. BHI would turn a profit without this boat anchor, instead we have to layoff people to make for the losses from Ge oil and gas.

I don’t see a future at bhge. The millennials will jump ship now that competitor are hiring. The bhge boat is sinking because the boat anchor companies have created a hole in the boat that can’t be fixed.

Thanks GE for ruining a very good company.

| 3415 views | | 3 replies (last January 26, 2020)
Post ID: @OP+SmqA9dR

3 replies (most recent on top)

As a legacy BHI employee, the same people who ran GE Oil and Gas into the ground, are now running the combined company into the ground. Great job GE! The whole GE purchase of BHI should be relooked at by the DOJ and SEC...something was rotten in Denmark back in 2016.

Post ID: @aQwnt+SmqA9dR

First of all. The folks from BHI are still having their heads up their asses believing this is a merger and that they are the better company of the 2. If that was true, BHI wouldn’t have been bought over by GE.

As for why services are doing better is because, most of the GE portfolio comes into play AFTER the initial upstream work from BHI. And they were doing well enough in the downturn to bail BHI’s sorry a-- out of the sh-- mess they were in after the Halliburton fiasco.

If you’re still not sure who is in charge, lor right to the TOP. Which man is up there. Lorenzo Simonelli. From GE. A GE officer. Reporting to the GE CEO. If you’re still not convinced, ask where are all the BHI leaders? Where is your ex-CEO? Why so quite? Where is Belgacem? Why is BHI reporting to Maria Borras, ex-BHI but more recently a GE staff.

Post ID: @11sum+SmqA9dR

What is happening? Are we going under?

Why is management not answering our questions?

We are in a free fall

Post ID: @8dfa+SmqA9dR

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