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General Electric has said it will cut 12,000 jobs in its power business, 18% of the division’s global workforce.
The US industrial group expects the “painful but necessary” job losses to help save $1bn next year as demand for fossil fuel power plants wanes.
GE intends to cut 1,100 jobs from its UK power business, mainly in Stafford and Rugby.
Elsewhere, one-third of the firm’s Swiss workforce and one-sixth of German workers are likely to be hit.
“Traditional power markets including gas and coal have softened,” the company said.
In October, GE slashed its profits guidance after posting a 5% fall in third-quarter earnings to $1.8bn, due to weak trading in its power and oil and gas businesses.
Source: BBC News