GE Capital lays off 7,000 workers

WASHINGTON : GE Capital said Monday it would axe 7,000 workers in the United States and overseas this year out of a total staff of 90,000.

"GE Capital has plans to lay off approximately 7,000 people by the year-end," said spokesman John Oliver.

The layoffs, to take place in the United States and overseas, were part of a long-term program to improve productivity and to rely as far as possible on technology, he said.

No figures were available for the cost of the redundancies, nor the savings expected.

GE Capital stood ready to help the affected employees, but many of them were already highly qualified and were likely to be sought after in the job market, the spokesman said. --AFP