GE Aviation lays off 10% of US workforce

GE Aviation is planning to lay off 10% of its total U.S. workforce while reducing working hour for about 50% of its MRO employees for the next 90 days. Additionally,  David Joyce chief executive of  GE Aviation, will forgo half of his salary, the firm said that it expected that combined with other cost cutting measure this preserve up $1 billion in cash reserves over 2020. In a statement accompanying the announcement GE chief executive Lawrence Culp, said the firm was supporting efforts by the US government to preserve the aviation industry and protect the broader economy, “and we have not sought any provisions