Shares in General Electric plunged 8% after the group reported worse than expected third-quarter results.
As well as poor results, the conglomerate revealed that it’s accounting was being investigated by the US civil and criminal authorities.
Larry Culp, GE’s new chief executive, was confident in the group and said that the aviation and healthcare divisions remained strong.
“We know what we need to do. Now is the time to execute,” he said.
“It’s going to take some time, but I’m hopeful that we can build that credibility, deliver that performance over time.”
“My priorities in my first 100 days are positioning our businesses to win, starting with Power, and accelerating deleveraging,” he said in a statement.
Culp replaced former chief executive, John Flannery, earlier this month. Flannery had been in the role less than two years but had been ousted after he failed to rebuild investor confidence.
After the group was forced to take a $22 billion write-down on its power division, it missed forecasts and posted a loss of $22.8 billion in the third quarter.
Shares fell to their lowest since 2009.
On the investigation, chief financial officer Jamie Miller said: “We are cooperating with the SEC and DoJ as they continue their work on these matters.”
General Electric was founded in 1892.
In June, France threatened to fine the group if it failed to create the number of jobs it promised.
“Sanctions must set an example. €50,000 should be applied by the end of the year if GE does not stick to its commitments,” said government spokesperson, Benjamin Griveaux.
Shares in the group (NYSE: GE) are trading down 8.29% in pre-market trading.
