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>> New General Electric CEO, John Flannery, continued his efforts Thursday to clean house and get the company's stock back up. 12,000 jobs are on the chopping block at GEs global power business, with most of the losses coming from Europe. The job cuts are part of a promise to get rid of $1 billion in spending this year, and another $2 billion next year.
But this is largely seen as a sign GEs $10.7 billion takeover of the energy business from France's Alstom in 2015, is a bust. The acquisition was supposed to bolster GEs power business, but the timing couldn't be worse. Since then demand for new fossil fuel power plants has slowed as more money flows to alternative energy sources like wind and solar.
GE has called the decision painful. The once mighty industrial conglomerate has gone on a crash diet. Shedding businesses who better focus on three areas it believes that can gain market share and more revenues, aviation, healthcare, and yes, power. But that approach hasn't found many fans with investors, since Flannery announced his turnaround plan in November, shares have fallen 12%.