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GE Will Cut Quarterly Dividend, But Pledges To Keep Jobs In Boston02:40
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The General Electric logo appears above a trading post on the floor of the New York Stock Exchange. (Richard Drew/AP)
The General Electric logo appears above a trading post on the floor of the New York Stock Exchange. (Richard Drew/AP)

Boston-based General Electric is cutting its quarterly dividend by 50 percent in an effort to turn around its struggling stock, the company announced this morning.

The move is part of larger cost-cutting measures proposed by new CEO John Flannery, including layoffs. The stock is down 35 percent this year, and has lost $80 billion in market value.

Today's cut is the first time GE has cut its dividend since 2009.

GE has maintained it will keep its promise to add 800 jobs over the next 7 years at its new headquarters in Boston's Seaport.

WBUR reporter Bruce Gellerman explains more about the plans on Morning Edition.

This segment aired on November 13, 2017.

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Bruce Gellerman Twitter Reporter
Bruce Gellerman is an award-winning journalist and senior correspondent, frequently covering science, business, technology and the environment.

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