GE Aviation Cuts U.S. Workforce 10% in $1 Billion Savings Plan

An employee assembles a LEAP jet engine at the General Electric Co. (GE) Aviation assembly plant in Lafayette, Indiana, U.S., on Friday, July 19, 2019. General Electric is scheduled to release earnings figures on July 31. Photographer: Luke Sharrett/Bloomberg , Bloomberg

Richard Clough, Bloomberg News

Mar 23, 2020

Share

(Bloomberg) -- General Electric Co.’s aviation division will cut 10% of its U.S. workforce as the coronavirus outbreak saps demand for commercial air travel and upends the global economy.

GE expects to save $500 million to $1 billion this year through a combination of headcount reductions, cost cuts and reductions in executive compensation, Chief Executive Officer Larry Culp said Monday in a statement.

Culp will forgo the remainder of his salary for 2020, while GE Aviation’s David Joyce will give up half of his salary.

©2020 Bloomberg L.P.