Is this the calm before the sh1t storm?
Literally not hearing anything following the debacle that was the all hands on deck.
If Stokes is going to start stripping out $2Bill of costs when does that start?
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$2 Billion was in Power only and over 2 years: 2018 and 2019. $3,5 Billion is overall next year (of which Power is $1 Billion). It seems there is no new plan,
$2 Billion was in Power only and over 2 years: 2018 and 2019. $3,5 Billion is overall next year (of which Power is $1 Billion). It seems there is no new plan,
http://www.genewsroom.com/press-releases/ge-power-announces-global-headcount-reduction-12000-jobs-part-plan-take-out-1-billion
subtitle: "Aligns with company’s effort to reduce overall structural cost by $3.5 billion in 2017 and 2018"
Where have you seen this:
"The $2 Billion in cost cuts has just changed to $3,5 Billion" ?
I am afraid things will get much worse.
The $2 Billion in cost cuts has just changed to $3,5 Billion and that is not a good sign. The Q1 numbers and cash flow are probably deteriorating quickly and disruptive changes they are making in the service business are destroying that sector very rapidly. Once you alienate your customer base and skilled work force you crash fast.
Its unfortunate to see GE crash fast, and what happens in Q1 will unfortunately be the start of the unfolding story. The last thing we need is more bad decisions by out of touch, disconnected management who don't understand our business.
Last Thursday was the layoff day. Any news from Atlanta?
It will be very difficult as long as they keep the bloated, high cost Atlanta operation.
They need to get rid of high cost, low efficiency Atlanta and move back to Greenville and Schenectady engineering centers like it used to be before Nardelli trashed GE Power.
Atlanta is basically a high cost duplicate organization that has more than 8 times the people doing what was once done more efficiently in the product departments. Atlanta is completely isolated from the product centers with little synergy or technical expertise. Our customers think it is a joke, especially the Power Answer Center PAC. They want to deal with gas and steam turbine experts, not answer center phone operators.
GE Power needs to fix their glaring structural problems and return to an excellent service, manufacturing, and engineering company that customers have respect for. Cash flow from a low quality low synergy organization run by high cost Atlanta just doesn't cut it.
And a reduction of 35% hourly around June to upstate ny main plant and Greenville plant. This is the worse I have ever saw in my 28 years of service. I also predict one of the worse contracts in 2019 for the National Contract and same for the local side contracts. This company will take years to get back to what it once had.
Cuts have begun.
50 salary below the plant manager in Schenectady is what's been said by some Salary folks, time will tell!!
What’s the confidence factor in tomorrow’s 20% cuts?
Tomorrow. 20% of engineering and sales in Power.