On Monday, the 4th of May 2020, the Boston-based American multinational conglomerate, General Electric had issued a statement saying that the company had been exploring an option to slash its aviation subsidiary’s global workforce by as much as 25 per cent or 13,000 jobs this year, which would likely to involve both voluntary and involuntary layoffs, while the American conglomerate had blamed the lingering uncertainty over the pandemic that had been causing an en masse disruption in the aviation industry demands and had led to a prolonged and havoc-scale reduction in aircraft schedules.
In point of fact, Monday’s (May 4th) move of GE Aviation or the aviation industry wing of General Electric headquartered in Evendale, Ohio, primarily engaged in manufacturing aircraft engines, had been the latest among a string of blistering layoffs and bankruptcies in the global aviation sector stemmed from the pandemic-driven lag in demand what analysts said could last until end-2021, as the US air passenger demand had fallen more than 95 per cent over the past one month and a half.
Meanwhile, referring to a growing extent of setbacks lashing out the aviation industry, GE Aviation Chief Executive David Joyce said to the employees on Monday (May 4th) following the release of the announcement, “The deep contraction of commercial aviation is unprecedented, affecting every customer worldwide.
Global traffic is expected to be down approximately 80% in the second quarter. ”