reorganising its GE Capital unit, in a bid to save $2bn in 2009.
According to the company, this will create “a more focused set of
higher return businesses.”
The reorganisation will result in an unspecified number of
redundancies amongst its 75,000 employee workforce, as well as the
sale of $90bn in highly-leveraged assets.
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Bill Cary, chief operating officer at GE Capital, said that
restructuring the unit will identify “some of the assets that we
believe are lower returning and that we ultimately want to get
small over time.”
The new structure will result in the company setting up a
restructuring group to focus on “optimising returns on
non-strategic assets”, as well as creating regional centres in
Europe, Asia and the Americas.
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