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Part Two: Jack Welch Is Why You Got Laid Off
Behind the Bastards
General Jack's Strategy for Remaking GE
In 1980, GE had 411,000 employees. By the end of 1982, it had fired almost 9% of its workforce. These mass layoffs were not necessary, but every purge was met with a surge in stock prices that benefited shareholders. The year before Jack took over GE, net profits had risen by 7%. It was the 10th most profitable business in the Fortune 500.
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