GE Will Cut Quarterly Dividend, But Pledges To Keep Jobs In Boston

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.