Drastic step from General Electric
These are pivotal times at General Electric as the company battles to maintain its market-share (and share price) in a rapidly changing world. The company announced today it would cut 12,000 jobs, or 18% of GE Power's workforce.
The company said that investment is increasingly pouring into renewables.
Two weeks ago German rival Siemens announced 6,900 job cuts and said "the power generation industry is experiencing disruption of unprecedented scope and speed."
The reality of the 21st century is rapid change in all industries.
