GE to cut 10% of aviation workforce

General Electric is slashing its aviation workforce in the U.S. by about 10%. CEO Larry Culp disclosed the move in an email to staff Monday.

About half of the 52,000 people globally in that unit work in the United States, where they make jet engines for Boeing and Airbus.

The move comes as the shattered airline industry seeks tens of billions of dollars in state bail-outs to deal with the coronavirus crisis that has grounded nearly all fleets and placed thousands of workers on unpaid leave.

The cost reductions will produce savings of up to $1 billion this year for GE. Culp himself says he'll forgo his salary for the remainder of the year.

GE shares fell in early trading Monday amid a broad market sell-off.