Crisis-stricken GE braces itself for more belt-tightening

New York

ICONIC American industrial behemoth General Electric (GE), which has lost investor confidence amid bad investment decisions, is preparing to slice up its empire again, selling major business segments and laying off thousands.

Hammered by financial markets, with its market capitalisation down more than US$100 billion since January, the maker of jet engines and power turbines is paying dearly after making losing bets that the energy sector, in particular oil and gas, would grow indefinitely.