GE Healthcare cuts 31,000 employees as a whole, or continues to layoffs in 2021

Pharma.com February 19 - The impact of the outbreak has greatly reduced the overall number of 31,000 people recently, according to the U.S. Securities and Exchange Commission official website information, GE released the 2020 annual report, announced the latest layoffs.
, GE and its merged branches will employ about 174,000 people by the end of 2020, about 56,000 of whom will work in the United States, according to the company's annual report.
34,000, 40,000, 40,000, 47,000 and 2,000 employees in its power, renewable energy, aviation, health care and capital sectors.
addition, the company employs about 10,000 people.
compared to 205,000 at the end of 2019, employment will be reduced by 31,000, or about 15.1 per cent, by the end of 2020, largely as a result of restructurings, including GE's business taking steps to manage risk and actively mitigate the financial impact of the outbreak and reduce business costs and exit the business.
's 2019 annual report found that by the end of 2019, GE and its merged branches employed about 205,000 people, about 70,000 of whom worked in the United States.
its power, renewable energy, aviation, healthcare and capital sectors employ approximately 38,000, 43,000, 52,000, 56,000 and 2,000 people, respectively.
this compares with a 4,000 (-10.5 per cent) decline in electricity, 3,000 (-7.0 per cent) in renewable energy, 12,000 (-23.1 per cent) in aviation, 9,000 (-16.1 per cent) in healthcare and no decrease in the capital sector.
, GE's aviation business has taken a number of business actions to address the current adverse environment, including reducing its global workforce by about 25 percent, according to its annual report.
2020, the airline industry achieved more than $1 billion in operating cost cuts and $2 billion in cash retention, including more than 11,000 job cuts.
based on actions taken in 2020 and further initiatives in 2021, the airline business is expected to achieve cost and cash savings by 2021.
2021, or continue to lay off workers, GE has been doing a lot of cost reduction and restructuring work, which may adversely affect operations, employee retention, performance and reputation, and may not achieve the expected benefits.
gee will continue to take restructuring actions, including layoffs, global plant consolidation and other cost-cutting initiatives.
these actions have been an important part of its ongoing efforts to improve operational and financial performance, while other actions have been taken or accelerated to mitigate the adverse financial impact of the outbreak on the business.
the number of interdependent and transformed business portfolios and internal actions taken increase the risk of capacity constraints during periods of significant restructuring and cost reduction throughout the company.
addition, if GE fails to successfully manage restructuring and other transformational activities, expected operational improvements, efficiencies, and other benefits may be delayed or unable to be realized, and operations and business may be disrupted.
risks associated with these actions include unforeseen layoff delays, additional unexpected costs, adverse effects on employee morale, loss of key employees, or other retention issues.
follows a January 27 report by the Securities and Exchange Commission that GE reported 2020 results and total revenue of $79.62 billion for the full year 2020, down 16% from a year earlier.
sub-business section, the healthcare business generated revenue of $18 billion, down 10 percent from $1.99 billion in 2019, and a profit of $3.06 billion, down 18 percent from $3.74 billion in 2019.
's power business achieved revenue of $17.59 billion, down 6% YoY, and profit of $270 million, down 6% YoY, while its renewable energy business achieved revenue of $15.67 billion, up 2% YoY, and profit of $715 million, up 10% YoY.
aviation business reported revenue of $22.04 billion, down 33% year-on-year and profit of $1.23 billion, down 82% year-on-year.
GE said in its report that its ventilator production capacity had tripled in support of the fight against the outbreak and that other techniques had been used to diagnose and treat new coronary pneumonia.
From a product perspective, GE Healthcare launched more than 40 new medical products in 2020, and from a regional perspective, GE Healthcare achieved strong growth in Europe and China in 2020, with revenues of more than $2 billion in China up 11% in the first quarter alone, and U.S. revenues of more than $6.5 billion, up 2% year-on-year, including U.S. government respirator orders.