GE has nearly halved its U.S. workforce in 3 years, with more job cuts likely

General 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’s workforce.

But it isn’t all about COVID. GE said the job cuts in 2020 were “primarily as a result of restructuring,” 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.

“We continue to closely monitor the economic environment and expect to undertake further restructuring actions to more closely align our cost structure with earnings goals,” the company stated in its latest 10-K. At GE’s workforce peak in 1999, there were 340,000 employees worldwide, with 57.9%, or 197,000 employees, in the U.S.

The gains were supported by back-to-back earnings reports in which investors cheered GE’s progress on free cash flow, which surprisingly turned positive in the third quarter, then beat expectations by a wide margin in the fourth quarter.

More people without a job. A happy message? For no one, except for your shareholders, the wealthier part of the population.

cc SenSanders DickDurbin USTechWorkers WCWOA AmWorkCo and this firm hired 10s of 1000s of H-1B, L-1, B-1, OPT & H-4 last 10+ yrs while laying off US workers (typically over 35/40 yrs old).

I worked for a division of GE after a purchase several years ago. Usually I’m proud to work for a company But when I see the GE meatball on the refrigerator, lightbulb, or something else I have like a remote control, I cringe.

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