Leasing Life has learned GE Capital is undertaking a
strategic review due to the current economic climate, and has
informed 350 staff of the move.
“We can confirm that GE Capital Solutions, the leasing, lending
and asset management business, has completed a strategic review of
its UK operations in light of the ongoing global economic turmoil,”
said a spokesperson.
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“As a result, GE Capital Solutions – which includes major fleet
management, equipment leasing and commercial distribution finance
operations – will concentrate on providing value-added solutions
and services to mid, large and multi-country customers across
Europe.
“This will mean changes to the UK organisation and we have written
to employees to engage them in the process.”
The spokesperson continued: “GE responds quickly and decisively to
changes in the external environment. That is why we have been in
business for 130 years and remain a Triple A rated company.”
Further information as to why operations in the UK are under
review as opposed to mainland Europe “in light of the ongoing
global economic turmoil” was not forthcoming, “as it is too early
for us to give you any further information than what has been
provided in the statement,” the spokesperson concluded.
Meanwhile, rumours that 15 employees at Syscap, the independent IT
finance provider, have been the shown the door have been scotched
by the company.
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By GlobalData“Three members of the sales team have been exited, not 15,” said
the company spokesman. “Obviously the current economic climate is
forcing companies throughout the financial services sector to make
some tough decisions. Syscap’s performance in originating new
business continues to excel, however, our ability to fund cer
tain sectors is being impaired by the banking market’s reduction
in liquidity.”
Syscap, said the spokesperson, has undertaken a wholesale review of
operations and activities.
“This has resulted in some amendments to our business structure,
resources and cost base to more appropriately reflect these current
market conditions and ensure we’re best-placed for the
future.
“We remain committed to profitable growth and look forward to
putting in place the resources to deliver on our considerable
potential when market conditions are more favourable.”
