Fox Business News reported that General Electric is cutting its spending on operations including the grounding of its corporate fleet of jets.

Fox noted in the news story that new CEO John Flannery is looking for ways to reduce costs and quotes a GE spokesperson as saying, “We are executing on a plan to take out $2 billion in cost by the end of 2018. As part of that effort, we are reducing the corporate air transport services and will use charter companies as needed.”

GE owns several business jets including at least two Bombardier Challenger aircraft, Fox reported.