New CEO of GE looks to shed $20 billion in assets

Local News

GE’s falling stock could lead to some drastic cuts, but will they happen here?  According to Reuters National News Agency, General Electric’s new Chief Executive plans to shed $20 billion in assets.

Although GE isn’t confirming any specific cuts at this point, community members say any hit to the company would have a big impact on the Erie area.  

Amy Brotz, of Erie, says, “It’s just sad because it seems like it’s just been here forever and the livelihood and so many things that Erie was built on have been revolved around GE.”

Howard Shouse, of Girard, is taking a religious route.  “We’re praying people, so we’re praying when one leaves, another will come in and just replace it or have a bigger impact than what it was before.” 

Reuters says GE will generate only about $7 billion in cash from operations.  That’s down from $12 billion to $14 billion predicted in earlier forecasts.

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