GE job losses in Shannon
THE financial company GE Money announced 80 job losses between its bases in Dublin and Shannon this Thursday.
A spokesperson for the company said they could not confirm at this stage the number of job losses in Shannon, which has a staff of 200 employees. The spokesperson said the job cuts would be spread among its 400 employees across Shannon and Dublin, and a process of employee consultation will commence immediately.
The company is one of the country's largest providers of personal, auto and commercial loans, and operates in 55 countries around the world, with more than 130 million global customers.
The firm said it would seek to redeploy as many affected employees as possible into other areas of the business where vacancies exist.
From January next, GE Money will cease to offer residential mortgages in the Republic of Ireland, but will continue to provide inventory finance facilities to selected car dealers, as well as retail car finance and ancillary insurance products. However, it said the level of business transacted "will be significantly reduced compared to previous years".
The firm stressed that the changes would have no impact on existing mortgages, personal loans and car finance agreements and insurance policies in Ireland.
"These decisions are as a direct result of the extreme volatility and greatly increasing cost of funds on the global wholesale markets," said GE Money in a statement.
"The unprecedented conditions prevailing in capital markets has meant that GE Money has to be more selective in its allocation of capital and needs to ensure it gets a reasonable return on investment. Mortgages are capital-intensive businesses and the returns available at present no longer justify the cost of funding these products in Ireland," it added
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Tuesday 22 May 2012
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