General Electric Co. GE, +7.20% warned its employees, in an internal video message ahead of ahead of Thanksgiving, that the industrial conglomerate’s jet-engine business will have to cut more jobs, according to a report in The Wall Street Journal. The cuts are needed because of the COVID-19 pandemic’s impact on the commercial air travel industry, as any vaccine wouldn’t come as soon as the industry needs, the WSJ report said. Citing people familiar with the matter, the report said John Slattery, chief executive of GE Aviation, said the unit would need to shrink over the next 18 months given the difficult business conditions. GE’s stock rose 4.2% in premarket trading Tuesday, putting it on track to open at the highest price seen during regular-session hours since March 5. It has soared 51.9% over the past three months, while the Dow Jones Industrial Average GE, +7.20% has gained 4.5%.
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