GE to unveil painful roadmap to salvation

NEW YORK: Iconic American indus amid bad investment decisions, is preparing to slice up its empire again, selling major business segments and laying off thousands.

Hammered by financial markets, with its market capitalization down more than $100 billion since January, the maker of jet engines and power turbines is paying dearly after making losing bets that the energy sector, in particular oil

Shareholders appear resigned to but was due to pay out $8 billion.

“There is no scared cow,” newly installed CEO John Flannery has said repeatedly about the need to cut costs and restructure.

To rebuild trust, Flannery, who has been CEO for only three months, will roll out plans to revive the company on Monday.

Inch said there was no way to sugarcoat the situation.

“They have a crisis of investor confidence,” he told in a cash crunch.”

put it even more starkly, calling the company “disgraced” and saying it “needs to clean house as fast as possible.”

Flannery took the helm after 16 years of leadership by Jeff Immelt, movie giant NBCUniversal as well as its household appliance seg- ment and much of its banking and

will unveil another austerity layoffs, according to a source who spoke to AFP on condition of anonymity. The power genera particularly hard hit.

The belt tightening follows a $2 billion cost-cutting program that already had seen staff levels fall 11 percent to 295,000 over the course of last year.