G.E. Cuts Jobs as It Navigates a Shifting Energy Market<br />His team, he said, will be “sweating every dollar.”<br />“There’s no doubt that the market has been soft, but they’re not telling every side of the story —<br />that clearly there have been bad decisions made at the organization and about how they were going to market in select businesses,” Mr. McCarthy of Stifel said.<br />Mr. Flannery told investors that the company had exacerbated a tough market situation “with some really poor execution.”<br />Russell Stokes, the head of the company’s power division, has told investors<br />that he planned to cut back the division’s capital expenditures next year to nearly half its current level.<br />Mr. Flannery, who took over in August, has called 2018 a “reset year.”<br />“Flannery’s moves are the obvious, basic ones that he needs to play to turn G. E.<br />around,” said Robert McCarthy, an analyst at the research firm Stifel.<br />The unit, G. E.’s largest industrial acquisition at the time, has since then “clearly performed below our expectations”<br />and offered only single-digit returns, Mr. Flannery told investors in a conference call last month.<br />Siemens, G. E.’s main rival, said last month that it would cut 6,900 jobs worldwide<br />in units focused on power plant technology, generators and large electrical motors.
