General Electric to cut 12,000 jobs

American multinational conglomerate General Electric has announced axing 12,000 jobs at its global power business in an effort to shrink itself into a more focused company. Majority of these 12,000 jobs will be axed in Switzerland and Germany. GE says demand for new thermal power plants dramatically dropped and traditional power markets, including gas and coal, have softened. The job cuts are part of GE's global plan to save $1 billion in 2018.