Struggling GE to cut 12,000 power jobs globally

NEW YORK: Embattled industrial giant General Electric announced Thursday it will cut more than 12,000 blue and white collar jobs in its GE Power unit, part of a turnaround plan launched by the new company leadership.

The layoffs will primarily hit facilities outside the United States, as part of an effort to reduce overall structural costs by $3.5 billion in 2017 and 2018, the company said.