A plugged-in friend hears that GE Capital (GE) is preparing to fire 25,000 people.
A source within GE confirms big, imminent cuts in the division but dismisses the 25,000 number as “way too high.” The source reiterates GE Capital’s announcement last fall that it is planning to cut $2 billion of cost. In a financial services business like this, most of the operating cost is people. So if we assume annual all-in cost of $125,000-$150,000 per person, the number let go would be a 13,000-16,000.
More as we get it.