GE to Cut 6,500 Jobs in Europe After Alstom Purchase
JAN 15, 2016 - 7:26 am
According to a recent Bloomberg report, General Electric plans to eliminate 6,500 jobs in Europe in a global restructuring effort as it seeks $3 billion in cost savings from its purchase of Alstom SA’s energy business.
The cuts, Bloomberg reported, include 1,700 positions in Germany and 765 in France. They are part of a broader push to trim overlapping expenses following one of GE’s largest-ever acquisitions, which closed in November.
The company expects to generate $1.1 billion in savings this year and almost three times that amount by the end of the decade, Bloomberg said.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Our industry can and will benefit from having more women in leadership positions. Spaces that are inclusive of people from various backgrounds — gender, ethnicity, etc. — naturally culminate in a broader set of ideas, which gives companies more options... read more
The Convention that (Almost) Didn’t Happen The Equipment Leasing and Finance Association’s 61st Annual Convention was one that almost didn’t happen this year. Originally set to take place on Marco Island, FL, Hurricane Ian changed those plans and caused the... read more