GE Says Cut 30,000 Jobs Last Year

(RTTNews) - General Electric Co. (GE) disclosed that it cut 30,000 jobs last year as the conglomerate restructured its operations and sold off some business lines.

At year-end 2018, General Electric Company and consolidated affiliates employed approximately 283,000 people, of whom approximately 97,000 were employed in the United States.

Most of the decline came in GE's troubled power business, which has struggled with excess capacity and sold part of its operations to private-equity firms. GE also has been cutting jobs from corporate functions and headquarters.

The number is likely to fall further this year, as the company recently sold its transportation division, which employed about 9,000 workers, and part of its health-care division.

GE's filing also provided new details on a legacy insurance business that forced the company to boost reserves by $15 billion over several years. GE said on Tuesday that it won't need to further increase those reserves after an annual regulatory review.