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General Electric, the world’s third largest company, will cut costs next year to respond to the global economic meltdown, according to Jeffrey Immelt, the company's chairman and CEO

 

Costs across the board will be lower in 2009 than in 2008, according to a report in The Wall Street Journal.

 

Immelt said employment would be lower, although he declined to offer numbers or percentages, according to the report.

 

Headquartered in Fairfield, Connecticut, GE has suffered in the current financial crisis, with its finance unit particularly hard hit. Last month, the company said it planned to scale back that unit.

 

Immelt says GE will continue to make loans in areas like restaurant franchises and companies under bankruptcy protection.

 

GE's shares finished last week down 97 cents at $17.83, their lowest level in more than a decade.

 

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