Those numbers are in addition to the 28,000 jobs that were eliminated when Montgomery Ward, a GE subsidiary, closed in winter 2000.
The magazine said the job cuts are primarily due to the addition of 120,000 employees from the upcoming merger with Honeywell International. That deal should be finalized in the next few weeks.
After that occurs, sources said Honeywell should lose 50,000 jobs, (42% of its workforce) while GE may add to that total by cutting 10,000 positions from its divisions which are dependent on a robust economy. Business Week said CEO Jack Welch spoke recently of “significant” reductions in the GE workforce.