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GE shares plunge 7% in biggest decline since housing recession

SPX News by Newsroom on 21:40 November 13, 2017 EST

It is not all as rosy as the ever ascending Wall Street indices may suggest.

General electric, The Boston-based 125-year-old industrial household name said on Monday it was slicing 25 percent of staff from its headquarter.

More importantly for investors General Electric announced it will cut its dividend in half as part of a broader corporate restructuring.

The share price dropped more than 7% in one single session, the worst single-day decline since April 2009.

In the last year the conglomerate has lost about one third of its market cap.