FirstEnergy to Cut 400 Jobs by 2016

Reaction to Struggling Economy, Low Demand, and Low Power Prices

November 13, 2012
Manufacturing Group

The Cleveland Plain Dealer reports that FirstEnergy is planning cut up to 400 jobs by 2016, citing a struggling economy, low demand, and low power prices.

The company's CEO, Anthony Alexander, made the announcement during a teleconference with financial analysts concerning third quarter financial results. FirstEnergy Corp.'s profits were down nearly 20% compared to last year.

Alexander says the layoffs will be made through "normal attrition" beginning next year.

A few weeks ago, FirstEnergy laid off 142 people, and eliminated 58 open spots.