Rob, this is just a report, but I hope its wrong.
>NEW YORK, Feb 1, 2001 (BUSINESS WIRE) -- BusinessWeek has learned that General Electric is planning massive job cuts--on a scale not seen since CEO Welch's early days in the 1980s. Wall Street sources and those close to the company say GE will likely eliminate at least 75,000 jobs--more than 15% of its workforce--during the next two years. And that total doesn't include 28,000 jobs lost in the closing of Montgomery Ward, a subsidiary of GE Capital.
The carnage is largely due to GE's acquisition of 120,000 workers in its merger with Honeywell International in the coming weeks. GE is likely to cut up to 50,000 Honeywell jobs--or 42% of its workforce, according to analysts who have spoken to GE execs. But that's not all. GE may pare as many as 10,000 jobs from its appliances, lighting, broadcasting, and plastics divisions, areas sensitive to the slowing economy. GE won't confirm the layoffs, but Welch has spoken recently of "significant" cuts.
The article will appear in BusinessWeek's February 12th issue, to be released today at 6:30pm. An expanded version of the report is posted to BusinessWeek Online at businessweek.com. |
