This will be HUGE!!!!!!!!!!!!!!!!!!!!
Nov. 18 (Bloomberg) -- GE Capital, the lending arm of General Electric Co., will cut $2 billion in costs next year as it pares jobs, forms regional units and marks assets such as overseas home mortgages for possible sale amid a global financial crisis.
The changes include a newly created chief operating officer post and take effect Jan. 1, the Fairfield, Connecticut-based company said today on its Web site. GE Capital will shed an unspecified number of its 75,000 jobs as the unit consolidates back offices and curbs lending in areas such as residential mortgages, Vice Chairman Michael Neal said in an interview.
“In a world where we think liquidity is an issue and is likely to remain an issue for a while, we’re de-emphasizing in general product lines that attract a lot of debt for the amount of earnings,” said Neal, who oversees GE Capital.
If you don't understand the implications of the above.....you soon will.