Following its US$12.4 billion (EUR 11.4 billion) takeover of Alstom and a large-scale restructuring which will see head office move from New York to Boston, General Electric intends to cut 6500 jobs from around Europe. Of these, 765 will be in France (although GE are on track to create another 1000 jobs in France in their place) and 1300 will be in Switzerland. Currently, 660 jobs are planned to be cut from the UK, although this number may be smaller as the restructuring takes place.
The job cuts will take place in GE's gas and steam power business activities, which have been declining in recent years. The takeover of Alstom brought GE's employees to around 370,000, which is being reduced through these measures. Through the Alstom acquisition and the cuts, GE hope to save around US$3 billion (EUR 2.7 billion) over the next five years.