FirstEnergy expects to cut 400 jobs

Akron based company making some big job cuts.

Akron-based utility company FirstEnergy employs about 17,000 people in 10 companies across the country. According to the Associated Press, the company expects to cut up to 400 jobs by 2016 as it struggles against an economy that's led to lower demand and power prices.

FirstEnergy's third quarter earnings report was published Thursday.

"We continue to be very pleased with the progress of our retail strategy and we remain confident that FirstEnergy will be well-positioned for growth when the economy eventually recovers," CEO Anthony Alexander said in a statement. "We are taking a number of actions to manage our expenses and ensure that we are operating as cost-effectively as possible in light of the continued weak sales environment and low market prices for power."

FirstEnergy was faced with restoring power to around 250,000 customers in Northeast Ohio following Superstorm Sandy, according to the AP.

(The Associated Press contributed to this report)