U.S. Markets closed

Happy Holidays: GE Plans to Cut 4,500 Jobs in Europe

Happy Holidays: GE Plans to Cut 4,500 Jobs in Europe

French media company Les Echos reports that General Electric Co. (NYSE: GE) plans to cut 4,500 jobs in Europe, another brutal step as management tries to turn around the floundering company. It is not the first wave of layoffs at the conglomerate, and it will not be the last. The editors of the paper wrote (via Google Translate): The American industrialist presented a project in European Works Council covering 4,500 positions. France would be spared. The concrete version of the austerity package announced by the new CEO of General Electric (GE) John Flannery is under way. According to a union source, the US group has presented a project of 4,500 job cuts in Europe, in the sole scope of Alstom’s