General Electric has announced that it has let go 700 permanent and 1300 contract workers from its power division, as its industrial business has so far lost an estimated US$1 billion (€918 million) as a result of the COVID-19 crisis, its gas power services business particularly hard hit. The job losses were part of a drive to save US$2 billion (presumably annually) in expenses by the company, as it expects business to worsen further in the second quarter of the year. Some such cost savings may turn out to be permanent, CEO Larry Culp has said. He told reporters that GE has “been hit hard and fast … in some of our most important, highest-margin businesses, be it aviation, and services, particularly, gas power services. We think that that gets worse before it gets better, particularly here in the second quarter.” Revenue from the gas power business fell $426 million from the same period last year.