One Of The Biggest Companies In The World Is Cutting 12,000 Jobs
One of the biggest companies in the world is cutting 12,000 jobs.
General Electric, under the leadership of its new CEO John Flannery is trying to turn the company around.
Flannery took over in August.
The company is down 44 percent in the Dow this year, one of the worst performing stocks, and the new CEO has been trying to cut costs.
The 12,000 jobs are in the electrical power division and according to GE, are mostly outside the U.S.
The president and CEO of the power division told CNN the cuts are quote, “painful but necessary.” The news comes as the American labor market is gaining strength with the unemployment rate at a 17 year low, sitting at 4.1 percent.