Struggling industrial conglomerate General Electric announced Monday it will cut thousands of jobs to reduce costs, while shrinking its business to focus on aviation, healthcare and energy.

The maker of jet engines and power turbines, whose market capitalization has collapsed by more than $100 billion since January, will sell parts of its transportation and electricity businesses.

The company is selling off more than $20 billion in assets to right the ship, and also will exit the oil services business Baker Hughes, in which it currently has a controlling stake.