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GE's power division to slash 12,000 jobs worldwide

General Electric Co. will cut 12,000 jobs worldwide in its power division as the industrial conglomerate responds to falling demand in traditional power markets.

The job cuts will allow GE Power to save $1 billion in the coming year and support GE's efforts to reduce overall structural costs by $3.5 billion in 2017 and 2018, the company said.

"This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services," said GE Power President and CEO Russell Stokes. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond," he added.

GE had earlier promised to exit businesses worth $20 billion over one to two years, concentrating instead on its aviation, power and healthcare divisions.