GE is cutting up to 13,000 jobs at its jet engine division because of the pandemic

General Electric is cutting as many as 13,000 jobs in its jet engine business after the coronavirus pandemic brought devastation to the aerospace industry.

GE Aviation on Monday announced plans to accelerate its cost-cutting by permanently reducing its global workforce by as much as 25% this year through a mix of layoffs and voluntary actions. This includes the previously-announced plan to cut 10% of GE Aviation's US workforce.

The moves are designed to cope with an "unprecedented" and "deep contraction" of the commercial aviation business, the company said.

Orders for jet engines and parts have plunged as Boeing (BA) and Airbus (EADSF) have slashed production of new planes. Demand for servicing jets has also collapsed as airlines have grounded countless existing planes during the crisis.

"While extremely difficult, I am confident this is the required response to the continued contraction of the industry, and its protracted recovery," GE Aviation CEO David Joyce wrote in a memo to employees. "I am equally confident that the industry will recover over time and that we will be positioned to win."

GE Aviation said the job cuts will help the company save $1 billion. The job cuts will apply to salaried and hourly workers around the world over the coming months.

In late March, GE announced it would cut 10% of its US workforce, or about 2,600 employees. The company also said it would furlough about half of its US maintenance, repair, overhaul and new engine manufacturing workers.

GE is for the first time detailing the impact on its global workforce, which totaled about 52,000 at the end of 2019.

GE (GE) shares fell 4% on Monday, leaving them down 44% year-to-date.


https://amp.cnn.com/cnn/2020/05/04/business/ge-aviation-job-cuts/index.html?__twitter_impression=true

God epp us o

hmm!

They should be sacked because they deserve it,
They always frustrate Nigerians with epileptic power supply.

My Cent.

These are trying times