By Thomas Gryta and Matt Grossman Updated March 23, 2020 12:05 pm ET General Electric Co. GE -3.91% ’s jet-engine business will lay off about 10% of its U.S. workforce, or about 2,500 employees, one of the first major layoffs by a big American manufacturer as the coronavirus pandemic slows the economy.
Before the coronavirus outbreak, GE had projected improving cash flow from its industrial operations but its aviation unit had been battling a slowdown in production caused by the grounding of Boeing’s 737 MAX jet. GE said Mr. Culp would forgo his salary for the rest of 2020 while aviation CEO David Joyce would give up half his salary. Mr. Culp hinted at more cuts to come, saying the aviation division is working “with the appropriate parties to properly address its global workforce.”
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Trx1000 To please their stock holders.
No problem... the democrats will make sure their union will survive
Well if GE goes out of business that means they had a failed business model yes? That’s capitalism yes? So next time someone comes along perhaps they’ll learn from GE failures to adjust to market forces yes?
Make sure they never get a dime of aid!
GE is a multi Billion dollar company. GE does not pay taxes.
what? their 'cut' of the Republican $550 slush fund isn't enough for management bonuses and the workers? well..hey PEASANTS MUST SACRIFICE FOR ELITES IN THIS CRISIS, right WSJ?
Why does not the CEO reduce his/ her salary 20% and keep the workforce?
There are 737 Max-8 aircraft not being used..... Convert them to hospitals and fly them to areas where needed.
Frigging idiots .. why don’t the board forego their bonus - that will take care of these folks salaries
What we really need right now is to give these companies another tax cut so they can increase worker compensation and benefits again. You know, like how they did w the last tax cuts.
What congressional Democrats seem to not understand is companies lay off workers to avoid costs but their businesses still have ongoing expenses. Maintaining plants which can include obviously utilities and may also include servicing debt. If they go under we are in trouble.
Why aren't executives taking salary cuts before laying off workers? This needs to start happening across the board!