Business

GE is cutting 12,000 jobs

Posted December 7, 2017 6:29 a.m. EST

— General Electric is cutting 12,000 jobs as its new CEO tries to turn the troubled company around.

The jobs are in the electrical power division, which makes the giant turbines and generators that the company estimates provide about one-third of the electricity produced around the world.

GE is by far the worst-performing stock in the Dow this year, down 44%, and CEO John Flannery, who took over in August, has been trying to slash costs.