GE cutting 12,000 jobs.
Snooze you lose.
Renewables are the future. GE the latest to miss the trend.
Don’t be too hard on them – they’re not alone. We are seeing a “disruption of unprecedented scope and speed,”
ZURICH/LAS VEGAS (Reuters) – General Electric Co (GE.N) said Thursday it is axing 12,000 jobs at its global power business, the struggling industrial conglomerate’s latest effort to shrink itself into a more focused company.
The U.S. company launched the cuts to save $1 billion in 2018 at its Power business, saying it expects dwindling demand for fossil fuel power plants to continue. GE’s cuts follow a decision by rival Siemens AG to slash 6,900 jobs in the face of a global shift by electric utilities away from fossil fuels to renewable sources of energy such as wind and solar.
GE did not give a breakdown of the job cuts, which represent about…
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