GE Capital to cut up to 11,000 jobs: report

[Pale Blue Dot]

Source: Yahoo Finance

NEW YORK (Reuters) - General Electric Co (NYSE:GE - News)'s GE Capital unit will cut between 7,000 and 11,000 jobs, the CNBC television channel reported on Friday, citing sources.

GE had said it would reduce costs at GE Capital by about $2 billion this year, according to the report.

A GE spokesman did not immediately return calls seeking comment.

GE shares, part of the Dow Jones industrial average, were down 33 cents or 2.4 percent at $13.44 in afternoon trading on the New York Stock Exchange.

The shares lost about half their value last year as the credit crunch took a heavy toll on GE's hefty finance business, and last month Standard & Poor's lowered its ratings outlook on the company to "negative," meaning that it had a one-in-three chance of losing its top-tier rating over the next two years.

Read more: http://finance.yahoo.com/news/GE-Capital-to-cut-up-to-11000-rb-14085288.html

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Circuit City 35,000
GE Capital 11,000
Hertz Rentals 4,000
AMD 1,100
Blue Cross Blue Shield 1,000
Wellpoint 1,500
Saks 1,100

... and those are just the largest of job loses that were announce today alone. In the end, almost 100,000 jobs were lost just today. http://www.layoffdaily.com/

[CatholicEdHead]

1. Ouch, it looks like we lost a main artery and bleeding profusely

[Dr.Phool]

2. I was over at Circuit City this afternoon.

I was talking to the floor supervisor for a while. He said the CC job losses alone, are more like 60,000!

[doc03]

3. Alcoa announced 13,500 job cuts last week.

Then there are the thousands of small companies that don't make the news, my company laid off 30% of management last week, the local newspaper laid off several people and even both nearby Casinos laid off. The one has cut 270 jobs in the last few weeks, seems people don't have money to feed the machines now either.