(Stephane Mahe/Reuters)General Electric will cut 12,000 jobs in its power division as alternative energy siphons demand from coal and other fossil fuels. The company said Thursday the cuts to both office and production jobs will help “right-size” GE Power in a traditional power market that is being upended globally. The cuts, representing 18 percent of all jobs at GE Power, will take place largely outside the United States. GE plans to cut 1,400 of its 4,200 positions in Switzerland over the next two years, the company said. “This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services,” Russell Stokes, chief executive of GE Power, said in a statement.

Source: Washington Post December 07, 2017 23:26 UTC