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Construction on GE's new Boston headquarters in April 2018. Photo: David L. Ryan/The Boston Globe via Getty Images

Just hours after Amazon bailed on New York City, General Electric confirmed Thursday that it will scale back plans for a new headquarters in Boston. It also will reimburse Massachusetts for $87.4 million in incentive payments.

The bottom line: New jobs promises are empty until people are actually hired.

  • GE originally announced in March 2016 that it would move its headquarters from Connecticut to Boston's Seaport District, including the construction of a new campus on a 2.7-acre site. The company expected to employ around 800 people and anchor a new innovation hub that was expected to include participation by other local companies and universities.
  • But that deal was done under former CEO Jeff Immelt, and the company has since seen its stock lose over two-thirds of its value.
  • Today's announcement includes the reimbursement of the money originally used to acquire and prepare the new headquarters site — and the actual property will now be jointly marketed for sale to someone else. GE will still move into the new facility, but with only around 250 employees.

Go deeper: Podcast: Corporate tax breaks and broken promises

Go deeper

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.