For The First Time Since The Financial Crisis GE Slashes Dividend In Half
Later on Monday, Flannery plans to disclose a roadmap for the company on Monday that will focus on three of its biggest business lines — aviation, power and health care, the Wall Street Journal reported, Reuters reported.
The report also says the plan stops short of a breakup or more radical restructuring of the 125-year-old company, but Flannery will look to exit most of its other operations. GE announced Monday it plans to slash its quarterly dividend by 50 percent to 12 cents a share from 24 cents a share. The Boston-based company also plans to shed its majority stake in Baker Hughes, which became a separate public company in July after merging with GE's oil and gas operations, the report said.
GE was reported to be laying off sales staff and other employees in its software division, according to sources, last week, ahead of Flannery's expected announcement on Monday of a plan to slash costs and jettison units in an effort to improve the company's profits.