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General Electric this week announced plans to cut $2 billion in expenses over the next two years amid increased pressure from a prominent investor.

The Wall Street Journal reported that the revised numbers followed discussions with Trian Fund Management, an activist investor that previously called on the industrial giant to cut costs and increase profits.

Trian reportedly floated taking a seat on GE's board, the Journal added, but the company and the fund chose to outline new financial goals instead. GE previously planned to cut $1 billion in costs.

The report also indicated that GE would adjust bonuses for CEO Jeff Immelt and other top executives depending on its progress toward profit and cost goals.

"At this critical juncture, Trian believes that today’s announcements better position GE for the long-term and help to ensure GE will achieve its financial goals," the fund said in a statement. "We will continue to hold management accountable to its commitments."

GE executives sought to focus on heavy equipment and software in recent years and shed non-core operations. The company sold most of its GE Capital division, moved to merge its oil and gas operations with oilfield services giant Baker Hughes and floated sales of both GE Water and GE Industrial Solutions.

The Journal reported that GE is considering reducing staff at its headquarters, consolidating IT operations and curbing research and discretionary spending in an effort to further reduce costs.

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