This is a rather bleak plan from GE now as well. GE is now the second largest Oilfield Services provider, following aggressive acquisition activities in a very depressed sector, making some pretty astute purchases. However, other parts of the business are depressed and the stock has fallen 23% this year - not a good sign for a business this large and diversified. Still not hit the bottom by the looks of it.
While the total number of cuts aren't known, they could come from human resources, recruiting, corporate security, helicopter and jet operations, procurement and the auditing divisions.
Report: GE Plans 'Aggressive' Layoffs At Its Corporate Office To Cut Costs | Stock News & Stock Market Analysis - IBD