Amid growing global economic gloom, including a slowdown in China and falling oil and commodity prices, major companies throughout Europe are announcing mass layoffs and job cuts.
Last Wednesday, US multinational General Electric (GE) announced plans to cut 6,500 jobs in Europe over the next two years, including 1,700 jobs in Germany, 570 in the UK, 765 in France and 1,300 in Switzerland. According to comments from the head of GE's power division last September,
this is part of a plan to squeeze out $3 billion in cost savings over five years.GE acquired French engineering company Alstom in a €9.7 billion deal in 2014, promising to create jobs. GE France spokesman Laurent Wormser said job cuts in France will hit mainly administrative jobs in the Paris area, in human resources, public relations and the legal department.
After reaching an agreement with the trade unions,
French nuclear group Areva announced plans for 6,000 job cuts worldwide, including in Germany, the United States and 2,700 in France. The "competitiveness plan" deal would net Areva €1 billion in savings by 2017.
British Airways is eliminating 5,800 jobs under a plan to cut its debts, on top of 7,600 job cuts already announced earlier. These will largely hit major British airports, including 6,600 jobs cut at Heathrow airport and 3,000 at Gatwick.
Comment: There's been an unusual number of fires and explosions due to mysterious electrical problems in recent years.