-General Electric warned on Tuesday afternoon of more job cuts at its aviation unit, citing a lengthy recovery for the airline industry from the impact of the COVID-19 pandemic and the lockdown measures to contain its spread.
-General Electric warned on Tuesday afternoon of more job cuts at its aviation unit, citing a lengthy recovery for the airline industry from the impact of the COVID-19 pandemic and the lockdown measures to contain its spread.
“As we continue to closely monitor market conditions, we are examining a range of options to appropriately scale our business to match the realities of the global airline industry recovery from the severe impacts of COVID-19,” the General Electric said in a statement.
In an internal video message delivered on Friday, GE’s aviation unit head John Slattery said additional job cuts would be a component of those options. The company’s shares were up about 5 percent at $10.58 after the warning.
According to a Forbes report, the job cuts represent the latest setback for the aviation sector, with the industry’s woes expected to last into 2021 even as US regulators ended a 20-month grounding of Boeing Co’s MAX 737 jets and COVID-19 vaccine developers reported positive data.
