$1 Billion in Cuts Planned for Schenectady’s GE Power Headquarters
Well, this can't be good news.
In an investors meeting this morning in New York City, the CEO of General Electric announced that he has plans to cut one billion dollars in costs from GE's Power business whose headquarters just so happens to be in Schenectady.
Now I'm not too sure on the specifics of GE's business model but according to the Times Union, GE has an Atlanta based business called GE Energy Connections, and apparently on one of the slides shown at the investors meeting this morning read "Power + EC integration... HQ layer elimination". Which looks to me like these two entities might just be combined into one and the Schenectady headquarters could be on the chopping block.
Now obviously no official announcement has been made yet as to what is going to happen or just exactly where those cost cuts are going to come from but seeing as though GE's Power Schenectady headquarters employees about 4,000 workers and is looking to cut a billion dollars in costs I'm a little worried for those in our community that currently work there.