General Electric Co will radically shrink to focus on aviation, power and healthcare, betting on sectors where it thinks it can make a profit, as the most famous U.S. conglomerate tries to end a decade and a half of share price stagnation.

The 125-year-old company cut its dividend and profit outlook in half as it begins the transition, in a plan unveiled by new Chief Executive John Flannery. It will also shed 25 percent of its corporate staff, meaning 1,500 job losses at its Boston headquarters. Reuters