Part Two: Jack Welch Is Why You Got Laid Off
Behind the Bastards
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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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