Article Image
IPFS News Link • Business/ Commerce

GE Cut 78,000 Workers In 2019 Amid Stabilization Efforts To Thwart Bankruptcy

• by Tyler Durden

GE has been a corporate shipwreck for the last decade, where infamous Madoff whistleblower Harry Markopolos warned in late 2019 that the company's 'cash situation' is a lot worse than the company's filings would suggest.

Markopolos said the accounting fraud that GE has conducted would be more significant than Enron and Worldcom combined. 

GE's CEO Larry Culp came aboard in 2018 to save the company and sell off business units to raise cash and stabilize cash flows to steer the corporate ship away from bankruptcy threat. 

To make "GE Great Again," The Wall Street Journal has learned that 78,000 employees, or about 25% of its workforce, were fired in 2019. 

At the end of 4Q19, GE had 205,000 global workers, down from 283,000 over the last year. Its US workforce declined from 97,000 workers in 2018 to 70,000 in 2019, a loss of 17,000.

Purse.IO Save on All Amazon Purchases