UP TO 11,000 JOBS MAY GO AT GE CAPITAL

NY Post ^ | 01/17/09 | PAUL THARP

[TigerLikesRooster]

UP TO 11,000 JOBS MAY GO AT GE CAPITAL

By PAUL THARP

January 17, 2009 -- Jeff Immelt is swinging the sharpest ax of his career at General Electric and may cut as many as 11,000 workers from the payroll at the conglomerate's finance arm.

The average paycheck for the disappearing jobs at GE Capital is $175,000 and is part of Immelt's mission to slash expenses at the division by $2 billion in 2009.

GE Capital had enjoyed a long, profitable run as one of the world's most far-reaching financial firms, involved in everything from bankrolling jet airline fleets and life-saving medical gear to institutional financial services and products.

But the global meltdown of finance prompted Immelt to shrink GE Capital. It had once contributed half the parent company's profits, but the goal is now to have its contribution reduced to just 40 percent.

Layoff notices went out this week to an undisclosed number of the targeted workers on GE Capital's 75,000 total payroll, people familiar with the plans told Bloomberg News. The layoffs may affect 7,500 to 11,000 employees.

[TigerLikesRooster]

Ping!

[razorback-bert]

Perhaps now they will quit calling me to borrow money from them.

[TigerLikesRooster]

They would want ‘personal’ bailout money from you instead.:-)

[Cindy]

Note: This thread updated frequently.

http://www.freerepublic.com/focus/f-chat/2136635/posts

Are you looking for a job?”

[TheWasteLand]

But the global meltdown of finance prompted Immelt to shrink GE Capital.

Immelting! Immelting! Oh, what a world! What a world!

[eyedigress]

My bank boss warned me in 1995 of people who produce nothing. I produce.

[eyedigress]

If it gets really rough I have links to 160 to 200k jobs from the inside. They are overseas.

[TheEaglehasLanded]

I thought they were getting $139 Billion from Bush/Obama bailouts. I wonder if K.H.O. (KEITH HUSSEIN OLBERMANN) will be slamming corporate greed at the pea brain cock sucker network.

[EDINVA]

Can’t he start with MSNBC?

[webheart]

11,000 jobs at 175,000 each? No wonder they need to make cuts. I would be happy to make 60,000 a year. I would be ecstatic if I made 75,000 a year. Anyway, the people who let their wages get so high without thinking what they would do to earn them, may well be in need of a reality check.

[count-your-change]

With enough overtime at Burger King I’m sure they can earn just as much.

[qam1]

I agree, The American business world (Especially in Finance) is just full of 6 to 7 figure positions that produce nothing of value for the company to justify their high cost.

These positions just seem to have been created in order for MBAs to scratch each others back.

Really now, would the world really be worse off with fewer “Senior vice presidents for global support services” or “Directors of Communications for the East Coast” or “Vice Presidents of Mission Related Services” or “Vice President of Administrative Services”

I’m surprised many companies have lasted as long as they did.

[Iscool]

I can’t imagine what 11,000 people at one company could do to make them worth that much money...

[dennisw]

GE Capital was a major money earner for GE ....
Same as GMAC made more money for GM than car sales did

Both were in the money business and the money business stinks these days becasue all it was debt debt debt

The end of a manic era

[dennisw]

I can’t imagine what 11,000 people at one company could do to make them worth that much money......

They were money shufflers
They shuffled money around our financial system until they could come up with a loan for you to buy a GE product

This say less GE products will be bought because people will be paying cash
Welcome to the 0bama depression brought to you by the Insane Clown Democrat Party

[impimp1]

I find some people posting here arrogant. They think that their jobs as laborers “producing something” is of higher value. I guess you are ignorant of the fact that many of you work at companies that were created/financed by investment bankers and venture capitalists. Remember, these people take the place of central planners. Without them we would not be as successful of a nation.

That being said, the bankers gladly trade their job security for greater earnings.

[ThreePuttinDude]

Holy Crap, now Big LightBulb is getting into the game...sheeessh

*Big Media
*Big Oil
*Big Pharma
*Big Auto

[dennisw]

I find some people posting here arrogant. They think that their jobs as laborers “producing something” is of higher value. I guess you are ignorant of the fact that many of you work at companies that were created/financed by investment bankers and venture capitalists. 

The greedy bastards who bundled mortgages into toxic debt and created trillions in credit default swaps? Those investment bankers are criminals and need to be put in prison

Remember, these people take the place of central planners. Without them we would not be as successful of a nation.

We got along fine for more that two centuries without derivatives and mortgage bundling. We should have kept it that way