GE jettisons 30,000 jobs in 2018
Under former GE CEO John Flannery and his replacement Larry Culp Jr., General Electric cut roughly 9,000 U.S. jobs last year, amounting to 8 percent of its domestic workforce for a slightly lower rate of decline than the 10 percent drop in its international operations.
Boston-based GE employed 97,000 people in the United States as of December, of 283,000 globally. After moving its headquarters to Boston in 2016 from Fairfield, the conglomerate remains a major southwestern Connecticut employer at the Norwalk headquarters of its finance subsidiary GE Capital, which saw its workforce reduced by 1,700 jobs last year to give it 2,300 employees at year end.
On Tuesday, about 1,700 former GE Transportation workers in Erie, Pa. went on strike after the company completed a sale of the locomotive manufacturer to rail systems provider Wabtec, with the sides reaching an impasse on negotiations for a new labor contract.
In its annual report filed on Tuesday with the U.S. Securities & Exchange Commission, GE disclosed it is in settlement discussions with TMI Trust on the final pending lawsuit related to its former subprime mortgage business WMC, with a Connecticut federal judge ordering a 30-day stay of the proceeding earlier in February.
In its legal complaint, TMI claims losses of $425 million related to investments in WMC, with GE having reached a $1.5 billion settlement agreement in January with the U.S. Department of Justice following an investigation into WMC.
Alex.Soule@scni.com; 203-842-2545; @casoulman