Frankly, I believe that the announced 12k layoffs are just the beginning.
$3.5 Billion is a huge amount, and it's going to require even more drastic measures to achieve. More layoffs and more closings are guaranteed. GE will be a shadow of its former self once they are done.
I'm not looking forward to next year one bit.
GE shortfalls keep on betting bigger by the week.
First it was $2 Billion in cuts, that just turned into $3.5 Billion. Then yesterday announced that they were $6 Billion short to fund pension so now have to borrow $6 Billion.
When will the next bad news number come.
Expect huge layoffs in Q1 as management tries to stop the bleeding
GE needs lots of cash, including a $6 Billion shortfall in pension fund and stock about to drop another 30 to 40% according to analysts.
Expect massive cuts Q1 across the board to try to make numbers
Bottom Line Cash
GE cash numbers is dropping and dropping because all the duplication in facilities they built overseas and bought last five years. Now most locations are operating at such low utilization factors that cash has dried up because bloated costs.
GE is finding that cutting across the board will not work, and analysts are trashing the stock and most have sell ratings with recovery years off if even possible. Things will probably be much worse than anyone can imagine because GE Power structure is way off base from years of bad decisions by disconnected management like Steve Bolz and his cronies
Really they have no idea how many will be laid off. None. That's the shame here. They honestly thought they would have enough business to support all the people they hired these past five years but they don't. They have no ability to predict their market size. It's all wishes and kisses.
Sorry folks but if you're under 50, you need to look for a high growth industry to join. GT power ain't it. If you're over 50, be as flexible as you can be, work your butt off and pay off your house.
That should be bring, not being, in the previous post. Thanks, autocorrect!
100k layoffs in 2018 is absolutely possible. But if that happens, GE will have crossed the point of no return and the roughly 190,000 remaining employees had better find an exit fast! You can bet that the 100k eliminated will be the ones who actually being any value to the company, not the fastworks / lean6sigma / buzzwordoftheyear leeches.
Real bad news today.
Stock analysts announced people should sell GE because charts show stock will drop way below the $17.5 hold point. Check out what Cramer says. They said the 12,000 cuts will drop things much lower
Flannery stated aim $20 billion of assets to be sold
Once they meet the target. GE shareholders will be looking for there next Return on investment. Don’t kid your self one bit if you think the cuts are done.
GE has caused everybody to be negative. It’s what happens when you work for a negative company. Even the stock is negative.
I heard a possible report that possibly over 100K layoffs in 2018.
$12k layoffs is about $2.4B in fixed cost, so I’d say GE is well on its way to the target, if not there already.
The last thing we need is negative people like you.