How did each of these companies implement its cost-cutting program? Could standard costing have an important role to play in cutting costs?

"Xerox Pledges to Cut $1 Billion in Costs, Reports a Quarterly Loss of $167 Million," The Wall Street Journal, October 25, 2000, John Hechinger and Laura Johannes. See also "GE Says Earnings Rose 20% in 3rd Period: Results Reflect Net Growth in Every Major Unit, the Fruit of Cost Cuts," The Wall Street Journal, October 12, 2000, Matt Murray. Overview Xerox and GE both reported major cost-cutting programs to bolster the companies' profits.