If you see someone from GE Antares today, don’t be alarmed if their fingernails are a bit chewed down. We’ve learned that the mid-market lender is planning significant layoffs this week, with official pink slips to come as soon as tomorrow.
No word yet on numbers, except that this won’t be anything like half the staff. There will, however, be some layoffs of ex-Merrill Lynch Capital folks who had been considered “keepers” following GE Antares’ acquisition of the group late last year. We also hear that the severance will be relatively generous.
One source referred to the situation as a “class GE RIF” – or reduction in force. A GE Antares spokesman did not return a request for comment.
Jeremy Harrell contributed to this report.