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General Electric to shed 12,000 jobs

From BBC - December 7, 2017

General Electric is to cut 12,000 jobs in its power business, 18% of the division's global workforce.

The US industrial group expects the "painful but necessary" job losses to help save $1bn next year as demand for fossil fuel power plants wanes.

GE intends to cut 1,100 jobs from its UK power business, mainly in Stafford and Rugby.

Elsewhere, one-third of the firm's Swiss workforce and one-sixth of German workers are likely to be hit.

"Traditional power markets including gas and coal have softened," the company said.

In October, GE slashed its profits guidance after posting a 5% fall in third-quarter earnings to $1.8bn, due to weak trading in its power and oil and gas businesses.

GE Power is the company's largest industrial business, employing more than 55,000 people worldwide.

It makes turbines, generators and other kinds of plant equipment.

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