{"id":177745,"date":"2021-02-13T18:03:00","date_gmt":"2021-02-13T15:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely\/"},"modified":"2021-02-13T18:03:00","modified_gmt":"2021-02-13T15:03:00","slug":"ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely\/","title":{"rendered":"#\n  GE has nearly halved its U.S. workforce in 3 years, with more job cuts likely"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4056af51085\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4056af51085\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely\/#GEs_total_workforce_is_less_than_half_of_its_1999_peak_while_the_number_of_US_employees_has_fallen_more_than_70_since_then\" >GE\u2019s total workforce is less than half of its 1999 peak, while the number of U.S. employees has fallen more than 70% since then<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ge-has-nearly-halved-its-u-s-workforce-in-3-years-with-more-job-cuts-likely\/#Tomi_Kilgore\" >Tomi Kilgore<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  GE has nearly halved its U.S. workforce in 3 years, with more job cuts likely<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"GEs_total_workforce_is_less_than_half_of_its_1999_peak_while_the_number_of_US_employees_has_fallen_more_than_70_since_then\"><\/span>\n  GE\u2019s total workforce is less than half of its 1999 peak, while the number of U.S. employees has fallen more than 70% since then<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000165585\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Electric Co. stock is certainly in recovery mode, as it has more than doubled off its 2020 lows, but part of those gains have come at the expense of the industrial conglomerate\u2019s workforce.<\/p>\n<p> In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/40545\/000004054521000011\/ge-20201231.htm\" class=\"icon none\">10-K filing with the Securities and Exchange Commission<\/a> on Friday, GE<br \/>\n        GE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208495069\/composite\" class=\"positive\">+2.36%<\/bg-quote><br \/>\n       said it employed a total of about 174,000 people globally at the end of 2020, down 15.1% from the 250,000 employed at the end of 2019, as the COVID-19 pandemic wreaked havoc on the company\u2019s businesses.<\/p>\n<div class=\"paywall\">\n       Among GE\u2019s business segments, Aviation\u2019s workforce was cut the most, by 23.1% to 40,000 employees, followed by Healthcare, which lost 16.1% of its workforce to 47,000 employees. Elsewhere, Power cut 10.5% of its jobs to 34,000 employees, while Renewable Energy\u2019s workforce was reduced by 7.0% to 40,000 people.<\/p>\n<p>But it isn\u2019t all about COVID. GE said the job cuts in 2020 were \u201cprimarily as a result of restructuring,\u201d including actions to manage risk, reduce the financial impact of the pandemic and business exits. The company has now cut its total workforce by 139,000 people, or 44.4%, over the past three years.<\/p>\n<p>In the U.S., the number of employees at the end of 2020 fell by 14,000, or 20%, to 56,000 from 70,000 at the end of 2019. And over the past three years, the U.S. workforce has been slashed by 50,000 people, or 47.2%.<\/p>\n<p>GE recorded charges of $856 million in 2020, and roughly $2.6 billion over the past three years, related to workforce reductions, and indicated more job cuts are coming.<\/p>\n<p>\u201cWe continue to closely monitor the economic environment and expect to undertake further restructuring actions to more closely align our cost structure with earnings goals,\u201d the company stated in its latest 10-K.<\/p>\n<p>The global and U.S. totals are now at the lowest levels since at least 1993, the last year for which <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/cgi-bin\/browse-edgar?action=getcompany&amp;CIK=0000040545&amp;type=10-k&amp;dateb=&amp;owner=exclude&amp;count=40&amp;search_text=\" class=\"icon none\">10-Ks were available on the SEC\u2019s website<\/a>.<\/p>\n<p>U.S. jobs as a percent of GE\u2019s total workforce dropped to just 32.2% in 2020, down from 53.7% in 2000 and 73.4% in 1993. <\/p>\n<p>At GE\u2019s workforce peak in 1999, there were 340,000 employees worldwide, with 57.9%, or 197,000 employees, in the U.S.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Meanwhile, GE\u2019s stock surged 2.4% Friday to close at a one-month high of $11.73. It has climbed 8.6% so far this year, after rocketing a quarterly record 73.4% in the fourth quarter.<\/p>\n<p>Since closing at a post-COVID low of $5.49 on May 15, which was the lowest close since December 1991, the stock has soared 113.7%. In comparison, the SPDR Industrial Select Sector exchange-traded fund<br \/>\n        XLI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202026558\/composite\" class=\"positive\">+0.73%<\/bg-quote><br \/>\n       has run up 51.9% since May 15 and the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.47%<\/bg-quote><br \/>\n       has rallied 37.4%.<\/p>\n<p>The gains were supported by back-to-back earnings reports in which investors cheered GE\u2019s progress on free cash flow, which surprisingly turned positive in the third quarter, then beat expectations by a wide margin in the fourth quarter.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:69.6875%;\" data-mobile-ratio=\"69.6875%\" data-layout-ratio=\"69.6875%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-299086?width=140&amp;size=1.4349775784753362 140w,\nhttps:\/\/images.mktw.net\/im-299086?width=540&amp;size=1.4349775784753362 540w,\nhttps:\/\/images.mktw.net\/im-299086?width=620&amp;size=1.4349775784753362 620w,\nhttps:\/\/images.mktw.net\/im-299086?width=700&amp;size=1.4349775784753362 700w,\nhttps:\/\/images.mktw.net\/im-299086?width=860&amp;size=1.4349775784753362 860w,\nhttps:\/\/images.mktw.net\/im-299086?width=1260&amp;size=1.4349775784753362 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-299086?width=620&amp;size=1.4349775784753362\" data-enlarge=\"https:\/\/images.mktw.net\/im-299086?width=1260&amp;size=1.4349775784753362\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            FactSet, MarketWatch<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       In conjunction with the release of its 10-K Friday, GE Chief Executive Larry Culp issued <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ge.com\/sites\/default\/files\/GE_AR20_AnnualLetterToShareholders.pdf\" class=\"icon none\">a letter to shareholders<\/a>, in which he praised the \u201cmeaningful progress\u201d the company made, and the momentum it has for 2021, in the face of challenges from the COVID-19 pandemic.<\/p>\n<p>\u201cTogether with our customers, the GE team kept power flowing, hospitals operating and planes flying,\u201d Culp wrote in the letter.<\/p>\n<p>He also wrote about \u201cLean,\u201d which he described as a set of principles that emphasizes \u201ccustomer focus, elimination of waste and ruthless prioritization of work to improve safety, quality, delivery and cost.\u201d<\/p>\n<p><strong>Update on GE\u2019s Baker Hughes stake<\/strong><\/p>\n<p>Also disclosed Friday, GE sold about 28 million Baker Hughes Co.<br \/>\n        BKR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205323712\/composite\" class=\"positive\">+0.75%<\/bg-quote><br \/>\n       shares, or 7.4% of its stake, during the fourth quarter. But given the 56.9% surge in the Baker Hughes\u2019s stock price during the quarter, the value of GE\u2019s stake had actually increased by more than $2 billion.<\/p>\n<p>GE said it owned <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/40545\/000004054521000015\/xslForm13F_X01\/information_table.xml\" class=\"icon none\">349,439,701 shares as of Dec. 31<\/a>, which at the time were valued at $7.28 billion. On Sept. 30, GE had disclosed that it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/40545\/000004054520000060\/xslForm13F_X01\/information_table.xml\" class=\"icon none\">owned 377,427,884 shares<\/a>, which were valued then at $5.02 billion.<\/p>\n<p>After selling off another 38 million Baker Hughes shares in January, GE\u2019s stake sat at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/40545\/000094787121000092\/ss190474_sc13da.htm\" class=\"icon none\">311,432,660, or 30.1%<\/a> of the shares outstanding, as of Jan. 22. At Friday\u2019s closing prices, that stake would be worth $7.06 billion.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Tomi Kilgore\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Tomi_Kilgore\"><\/span>Tomi Kilgore<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D286D1FFE65E%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# GE has nearly halved its U.S. workforce in 3 years, with more job cuts likely &#8221; GE\u2019s total workforce is less than half of its 1999 peak, while the number of U.S. employees has fallen more than 70% since then General Electric Co. stock is certainly in recovery mode, as it has more than&#8230;<\/p>\n","protected":false},"author":1,"featured_media":177746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-177745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/177745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=177745"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/177745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/177746"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=177745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=177745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=177745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}