GE Real Estate plans to cut staff across all levels of the company as part of the US company’s plans to be more competitive.
GE Capital, the parent unit of GE Real Estate, is reportedly planning to slash between 7,000 and 11,000 jobs, according to a CNBC report. A GE Real Estate spokesman confirmed jobs would go at the property arm, but declined to disclose numbers.
He said all levels of the company would be impacted. “This is in line with GE’s strategy of making GE Capital and GE Real Estate a small part of the overall GE business.”
The spokesman added that the move would make the firm more competitive but stressed: “These are still lay-offs and we understand what that means for people.”
GE said last September it planned to reduce its real estate portfolio by as much as $10 billion in 2009 as part of a package of measures aimed at bolstering the company. GE chief financial officer Keith Sherin said at the time GE was planning to reduce its real estate assets from $90 billion to $80 billion.
Two of GE Capital’s biggest businesses are loans to mid-sized companies and investments in commercial real estate.